The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Capital Allowance for Self Employed
Post Info TOPIC: Capital Allowance for Self Employed
Gerrard


Newbie

Status: Offline
Posts: 3
Date:
Capital Allowance for Self Employed
Permalink  

Hi All,

I have been struggling to get a clear answer on this for a while and am hoping the forum can help.

A client has introduced, as part of his capital contribution tools that he owns into his self employed business (£5000). Would he be eligable for the annual investment allowance of £5000?

 

 



__________________
IQ Accounting www.iqaccounting.co.uk
Shamus


Forum Moderator & Expert

Status: Offline
Posts: 11981
Date:
Permalink  

Hi Gerrard,

before answering the question directly, how did you arrive at valuation (£5000) and what evidence do you have to support the valuation?

Also, are the tools used wholly, necessarily and exclusively for the purpose of the business.

Shaun.

P.S. Welcome to the forum.

__________________

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.
Gerrard


Newbie

Status: Offline
Posts: 3
Date:
Permalink  

Hi Shaun,

The tools are valued at original cost price less depreciation to date (book value/fair value).

The tools are used for business purposes only, no private use.



__________________
IQ Accounting www.iqaccounting.co.uk
Shamus


Forum Moderator & Expert

Status: Offline
Posts: 11981
Date:
Permalink  

Hi Gerhard,

well, small pool allowance (for introductions under £1000) is out of the window as a suggestion then!

unfortunately the AIA is not available for items purchased prior to the start of trading (unlike some other allowances which assume assets purchased on the first day of trading where they were purchased in the period of up to seven years prior to the start of trading).

Another one of those scenario's where clients make assumptions without consulting a professional first and it costs them later!

HTH,

Shaun.








__________________

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.
Gerrard


Newbie

Status: Offline
Posts: 3
Date:
Permalink  

Shaun,

Great that answers my query and I have learnt something new today.

Your help is much appreciated!!

Thanks



__________________
IQ Accounting www.iqaccounting.co.uk
Page 1 of 1  sorted by
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Capital Allowance for Self Employed
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About