Self Assessment UK
Out of context: Reply #6
- Started
- Last post
- 9 Responses
- Ell0
Yes it is 40% sorry
Example
You complete your Tax Return for the year to 5 April 2004. You spend £200 on ladders in May 2003, £600 on lawnmowers in June 2003 and £1,200 on a fax machine in August 2003. Your capital allowance computation for 2003-04 is Cost of fax machine £1,200 First year allowance @ 40% £480 Value carried forward £720 Cost of ladders and mowers £800 (You decide notto claim first year allowance) Writing down allowance @ 25% £200 Value carried forward £600 The pool to carry forward to 2004-05 is £1,320 (£720 + £600). The writing down allowance you can claim for 2004-05 is Value of pool brought forward £1,320 Writing down allowance @ 25% £330 Value of pool carried forward £990 The 25% rate applies if your business operates throughout the year, even if you only bought the item part way through the year. equipment acquired for leasing out. The percentage to be used depends on when the item was bought, and where it is to be used, as follows