Vans and capital allowances

Vans and capital allowances

Didn't find your answer?

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

Replies (2)

Please login or register to join the discussion.

avatar
By NeilW
13th Nov 2005 09:45

No
First year allowances are given in full whatever the accounting period length.

Thanks (0)
avatar
By User deleted
13th Nov 2005 10:29

Thanks, Neil.
Thanks for putting me right!

Thanks (0)