M
MKelly
Guest
Hello all,
I have a quick query regarding capital allowances. I am a PAYE worker who does a small amount of consultancy work in addition to my normal PAYE job. I am currently preparing my tax return for 2009. I normally submit an income and expenditure account with my tax return, which shows how much capital allowances I am claiming on computer equipment, etc. However, in 2009 I did not have any consultancy income (or any of the related expenses). However, I still have some capital allowances to claim on items I purchased a few years back. These items have about 3 or 4 years of capital allowances left on them.
I was wondering if I can still claim these capital allowances in my 2009 tax return, even though I had no consultancy income to set them off against. Could I use the capital allowances on their own to create a loss which I could then offset against my PAYE income? Or should I just carry them forward to 2010 when I expect to have a small amount of consultancy income and claim them then. The amounts involved are small enough (couple of €100) so don't want to claim them unduely if it will upset the taxman!
Thanks in advance,
Michael.
I have a quick query regarding capital allowances. I am a PAYE worker who does a small amount of consultancy work in addition to my normal PAYE job. I am currently preparing my tax return for 2009. I normally submit an income and expenditure account with my tax return, which shows how much capital allowances I am claiming on computer equipment, etc. However, in 2009 I did not have any consultancy income (or any of the related expenses). However, I still have some capital allowances to claim on items I purchased a few years back. These items have about 3 or 4 years of capital allowances left on them.
I was wondering if I can still claim these capital allowances in my 2009 tax return, even though I had no consultancy income to set them off against. Could I use the capital allowances on their own to create a loss which I could then offset against my PAYE income? Or should I just carry them forward to 2010 when I expect to have a small amount of consultancy income and claim them then. The amounts involved are small enough (couple of €100) so don't want to claim them unduely if it will upset the taxman!
Thanks in advance,
Michael.