Capital Allowance

Capital Allowance

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Hello wonderful people,

It's my first time filling in a SA return, I’m a student who has become self-employed and I have question about the capital allowances section with regards to AIA etc. I’m unsure if I should claim my £200 netbook (which was bought for solely business). I don’t think so, as its £200 and I’m looking to part with it soon (in a year or so). Other than that I do not have anything else that I could claim any capital expenses on or what not.

CA is tax relief right?

Sorry both ladies and gentlemen for the stupid question - it has been a steep learning curve both from Uni and trying to do the SA things!

Kind regards,

Daniel

PS. THANKS FOR ANSWERING THE QUESTION!

Replies (3)

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the sea otter
By memyself-eye
29th May 2012 20:55

£200? claim AIA

Or because the value is so small treat it as a direct expense to the P&L

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By david5541
30th May 2012 13:10

FILL IN YOUR SA ONLINE, will help you work out any tax effects

It sounds like because you just set up you wont have much turnover to pay tax on(after claiming expenses which include the CAPITAL EXPENDITURE/ALLOWANCES at 100% relief because of your AIA entitlement).

I take it you intend to flog the notebook quickly(within a year)

"Other than that I do not have anything else that I could claim any capital expenses on or what not. "

 

Quite the contrary if you expect to pay tax and you are newly self employed/registered with SA and NIC office(remember!) then all "wholly and exlusively self employed expenses can be claimed- if you dont want to pay an accountant use your local "tax enquiry centre" to advise you.- I wouldnt trust them with a bargepole.

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By danny21
02nd Jun 2012 10:31

Answers/Advise

Thanks

memyself-eye

and

david5541

 

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