Do I not deduct 4,900 for capital allowance?Net Profit per Accounts - 13,600( should be 18500)
Do I not deduct 4,900 for capital allowance?
I was just wondering - can I claim anything for "Depreciation, Goodwill / Capital write-off"?
Thanks alot PV....really appreciate it.
As for the capital allowances 2008 was my second year trading so:
I used 40% for car - initial value was 16,000
20% for license - initial value 6,300
13% for meter, sign & printer - initial value 1,000
Sorry to bring up an old thread but is the following capital allowance of 20% on the licence incorrect?
Taken from revenue
While a taxi licence is treated as a capital asset, capital allowances are not available for the cost of acquiring such a licence
Thanks alot PV....really appreciate it.
As for the capital allowances 2008 was my second year trading so:
I used 40% for car - initial value was 16,000
20% for license - initial value 6,300
13% for meter, sign & printer - initial value 1,000
The 40% on the taxi is correct as it is for vehicles for hire. It should be claimed on a reducing balance basis, i.e. 40% in the first year on cost. In the 2nd year take 40% of what was left at the end of the first year, and so on.
The licence does not attract capital allowances so the 20% should not have been claimed there.
The meter, sign & printer should be 12.5% straight line over 8 years. i.e. 1/8 of the initial cost each year.
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