PTP's Tax Tip No.1 ' Retrospective claims for first year allowances

Q: My partnership bought new computers and peripherals in May 2003. We were not able to claim 100% first year allowances on this expenditure since our annual turnover is around £4 million, our assets £2 million and we have 30 employees, whereas at that date the limits for a small enterprise were £2.8 million, £1.4 million and 50 respectively ' we didn't satisfy two out of the three tests. Now the limits have changed but too late to give us the FYA.

A: Not necessarily! Suppose your year end is 28 February.

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