Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: macmac on June 17, 2009, 01:06:05 pm
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Is there a lower limit in value before you need to declare something as a capital allowance & not just a straight forward tax relief? (business expense)
Example.
I bought a power washer for 80 quid. It's use is split 50/50 between business & personal use (van & car)
So, I have a 40 quid business expense. Would this be capital allowance or would you just deduct from gross as with other expenses?
If it is capital allowance, is it to be claimed 100% in that year or written down over more than one tax year?
Anyone?
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its a business expense, deduct the 50% you use for business.
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As far as I remember anything over £150 should be listed as capital allowance. as for the other I think the rules have recently changed on that, worth phoning their helpline I found them really good.
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Capital allowance is now a thing of the past. It's now Annual investment allowance. You claim the whole thing back in the first year upto £50 000. So it would be the share of the pressure washer for the business. Search AIA and have a read.
Simon.
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Capital allowance is now a thing of the past. It's now Annual investment allowance. You claim the whole thing back in the first year upto £50 000. So it would be the share of the pressure washer for the business. Search AIA and have a read.
Simon.
I'm led to beleive if there is a personal use element to the purchase the rules are different?
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Also, my query is regarding 08/09 tax year. AIA does not apply for that.