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Post Info TOPIC: Tools bought into a business
Silly Digits


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Tools bought into a business
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I have a client who started business this year and has bought some of his own tools into his business.  Sole trader, non VAT registered.  He has no receipts.  Value if replaced new about £400.  Would anything be able to go against his tax.  As a capital allowance/AIA?



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RobH


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introduce into the pool at market value, dr assets, cr, capital introduced. Claim capital allowances.

Rob

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Silly Digits


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Rob

When claiming on the SA tax return.

As my client only started in business in Jan 10 and his year end is 5 April would you just put a WDA of 20% of the market value of the tools?



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RobH


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Yes but you should proportion over the period, so if he introduced on 1st Jane, then that would be 95/365 X £80 =£21.

Rob

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Denise


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Has Jane been on your mind a lot lately, Bobbybiggrin.gif

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RobH


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I'm sure she has (but I don't know who Jane was and I've just googled characters from Dallas!)...anyway I prefer cats in Primark bags!

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Denise


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Primani cat. We shop at all the elite places.

" Jane " was referring to your typo.



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RobH


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Ah being a bit slow today!

My 12 year old daughter likes taking me there..it's like a crowded night club, girls from 14 to 50 dressed in gold spangly skimpy stuff (Shaun will be checking this place out at the weekend!) and with blaring music.

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Shamus


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You had me right up until the blaring music bit.

I seem to have a bit of a strange brain that gets wiped by music. Have to write down exactly what I want on my hand before I brave HMV!

Talking, shouting children running amok, TV. No problem at all. Put a music track on and it's like hitting my reset button.

Mind you, if there are scantily clad women walking around I'm sure that I would soon remember why I had gone in biggrin....

After that last line just thought of changing my Avatar to Quagmire but figure that we've not quite done with the Dallas theme yet.... Family Guy. Now there would be a good theme and certainly enough characters for us.


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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Denise


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Well I am at the top end of your ages Rob, and I definitely don't walk around there in my gold spangly skimpy stuffjawdrop.gif. .......I prefer to wear them at the nightclubbiggrin.gif


Apologies to Silly Digits for totally going off her topic.

-- Edited by Denise on Friday 30th of April 2010 01:44:56 PM

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Peasie


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Shamus wrote:

Mind you, if there are scantily clad women walking around I'm sure that I would soon remember why I had gone in biggrin....

.......for the scantily clad women walking about?

I'll get me coat.

 



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Silly Digits


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Thanks Rob for your answer.

You lot are showing your age, mind you, I know what you mean.





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Silly Digits


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Denise

Don't worry about going off the topic Denise, it made me laugh, and took my mind off capital allowances.

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semsley


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I adore Family Guy. Been trying for ages to get a Stewy outfit for the grandson.

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