Capital Allowance on Van

[Me Fein]

Purchased a Van for €6000 in 2011. Registered for income tax in 2013 but profit was low so no capital allowances claimed. Profit in high in 2014 so wondering could capital allowances be claimed on van bought in 2011.

 

[cremeegg]

You need to decide on the capital value of the van when you started the business. Look on the car sale websites for a van of similar age mileage.

You can claim capital allowance for each year at 12.5%. You should have claimed in the 2013 accounts, and carried forward the unused allowance, but I don't think there is any problem claiming two years now.