[P @ F]

Hi chaps , not long had a 42 foot face lift carbon , cost £800 , but i dont know how to put it through the books , do i just bang it in as a single expense , or do i go down the 40 % first year bit , as i dont know how long the pole will last i dont want to cut my nuts off !

 Whats the best to do ?

 Rich P @ F

[Ian_Giles]

I'm not sure what is the correct method, but I'm putting mine through just the same as I do with my other equipment.
My applicator handle is several years old, so are some of my squeegee handles, I'm still using a brass channel that is at least 20 years old (mind you, it is only 8 inches long now :)

Maybe you will be better spreading it over a couple of years anyway, might be a nice chunk to claim all in one go, but why not see the benefit of it spread over a few tax years...it balances out in the long run.

I'm sure someone with a more in-depth and accurate take on what you can and cannot claim for will reply soon though.

Ian

[russ_clark]

It is a legitimate business expense 100% claim first year.
I do not think you can spread the cost over the years
That is just for motor vehicles.
Pretty sure of this.
No doubt someone will have a different view.
Russ

[rs_cleancare]

Put the full £800 pounds through the books.
My accountant says anything over £1000 as a general rule.

Rob.

[AuRavelling79]

Put the full £800 pounds through the books.
My accountant says anything over £1000 as a general rule.

Rob.

Basically the question to ask yourself is - is it consumable or is it capital equipment?

Consumables - 100% that year. Capital - write down over the expected life of the equipment.

So how long do you expect the pole to last? 1/2/3 years? If it could be sold in a years time for, say £400 and in two years for say £200, then that gives an idea.

But the £1000 guideline can be used too.

So it's up to you - if you've had a good year and want to "use" tax then write it off as 100% in that year - if a low tax year then spread it over a couple of years.

Bear in mind that if you sell it then that money is "income" against what you've written down so:-

Buy £800 write down 50% in year one it's worth £400 "on your books"

If you sell it in year 2 for say £500 then you've made £100 income against its value for that year and you declare it for tax. If you sell it for £300 you've lost £100 against its value and can put the loss against tax.

Good 'ere innit? 

[P @ F]

Cheers guys , i think im gonna have to use it all up this year, was naughty and didnt put enough away for the tax man !

If any of you want to do a sum for me , i need to check im getting my bill right when the tax man sends it
I'll start another thread for it .

 P@F