A 'small' partnership starts trading on January 1st 2005 and its first accounting period ends on 31 March 2005. It buys a van on HP in January for £15,000. Am I right in saying that it can claim a FYA of 50% for 2004/2005 but this is restricted by a factor of 3/12 as the partnership would only have been trading for three months and therefore the FYA claimable is £1,875?
Could anyone please confirm?
Paul