G Gyroscope Registered User Messages 25 8 Nov 2013 #1 I just set up a business, previously out of work - I had a car which was off the road and I put it back on. It's 6 years old and I use it only for work I'm home based office but mostly I'm on the road - wife has a car for day to day stuff. It won't last another 8 years to do a 12.5% depreciation. I reckon three years and it'll be toast. How would I go about writing it off. Can I do it over three years at 33%? Thanks for any input
I just set up a business, previously out of work - I had a car which was off the road and I put it back on. It's 6 years old and I use it only for work I'm home based office but mostly I'm on the road - wife has a car for day to day stuff. It won't last another 8 years to do a 12.5% depreciation. I reckon three years and it'll be toast. How would I go about writing it off. Can I do it over three years at 33%? Thanks for any input
L Luternau Registered User Messages 1,172 8 Nov 2013 #2 Wrong therad - this should be in tax section to get responses. If the company did not buy the car (incur the expense) it has no expense on the car to write off!
Wrong therad - this should be in tax section to get responses. If the company did not buy the car (incur the expense) it has no expense on the car to write off!
T T McGibney Registered User Messages 6,232 8 Nov 2013 #3 Luternau said: If the company did not buy the car (incur the expense) it has no expense on the car to write off! Click to expand... ?? The OP hasn't mentioned having a company.
Luternau said: If the company did not buy the car (incur the expense) it has no expense on the car to write off! Click to expand... ?? The OP hasn't mentioned having a company.
G Gyroscope Registered User Messages 25 8 Nov 2013 #4 Maybe a moderator could move it across into the tax section! I'm a sole trader so no company involved.
Maybe a moderator could move it across into the tax section! I'm a sole trader so no company involved.
L Luternau Registered User Messages 1,172 8 Nov 2013 #5 T McGibney said: ?? The OP hasn't mentioned having a company. Click to expand... Fair point-but he did give a lot of info about status.
T McGibney said: ?? The OP hasn't mentioned having a company. Click to expand... Fair point-but he did give a lot of info about status.