In August 2008, we took an 8 year lease on new premises. We then spent approximately £6,500 on improving those premises (things such as electrical work, carpets, plastering, plumbing etc).
I'm now wondering what the most tax efficient way would be of dealing with the cost of these leasehold improvements? Do we put the full amount through the P&L for our financial year of 2008/09 (1st July 2008 to 30th June 2009) or do we depreciate the "asset" over a number of years (perhaps 8 years as the lease is 8 years in length)?
Any suggestions would be much appreciated.