We bought a car (£8500)in 2003, new car was then bought (22000-low CO2 emmisions) in sept. 04. Old car was sold in Feb 05 money recieved (£1000) was used as the deposit on another new car (£8000) bought at the same time. All three cars have been used for Taxi/Private hire business only. How do I show this in the Capital allowances summary in the Self-Employment of my SA tax form.
Any thoughts would be helpful.
Sandra Leeden
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You do it
By constructing a capital allowance pool for the vehicles in accordance with their usage profile, making the necessary short life elections where appropriate and calculating the balancing charges/allowances on disposal.
From that you will have the figure that goes in the CA box, and the balancing allowance box on your SA tax return.
To get the figure, You'd need to know what your agreed private use figure is with the Revenue.
NeilW