Taxi Driver Tax Return

Posted by sawales PM | on Tue, 31/07/2012 - 20:55 1710 16 comments | report

I have taken on a self employed taxi driver who I stole from another practice (sorry Dennis).... I'm in the process of completing their tax return and have come across the accounts their past accountant prepared for them and they claimed depreciation on his vehicle at 20% pa. I thought that Capital Allowances replaced depreciation and he could claim an allowance each year based on the balance and the interest on the HP used to buy the vehicle. Whose right?

Comments

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twj4789 | Tue, 31/07/2012 - 20:58

You don't mean claimed

pawncob | Tue, 31/07/2012 - 21:44

Confused

sawales | Wed, 01/08/2012 - 05:50

You are both right.

Swedish Chef | Wed, 01/08/2012 - 07:08

Thanks!

sawales | Wed, 01/08/2012 - 07:27

Finance lease

JCresswellTax | Wed, 01/08/2012 - 10:19

Gr8!

sawales | Wed, 01/08/2012 - 11:38

Sounds like "depreciation""

Eric T | Wed, 01/08/2012 - 11:50

Eh?

memyself-eye | Wed, 01/08/2012 - 12:07

HP and finance lease?

Headbent | Wed, 01/08/2012 - 12:24

HP is the payment over time

pawncob | Wed, 01/08/2012 - 12:55

HOs and leases are different

Eric T | Wed, 01/08/2012 - 13:01

Difference between finance lease and HP??

Headbent | Wed, 01/08/2012 - 13:06

no ownership with a lease

memyself-eye | Wed, 01/08/2012 - 16:41

The horrible grey small print

Eric T | Thu, 02/08/2012 - 12:31

VAT treatment will be a good

alattax | Thu, 02/08/2012 - 13:02