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Accounting periods/basis/capital allowances

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  • # 117480

Hi,

I am preparing accounts for a small business which began 1/10/2017. I am taking the accounts up to 31st March 2018 to fit in with tax year going forward. So a 6 month accounting/basis period this year. Theres a van worth £5,000 which I am going to claim CAs on. The client is wanting to claim the max tax rebate possible which will mean carrying a loss back to 15/16 tax year, where it will be set against tax paid when they were employed on paid PAYE.

Am I restricted to only claiming £2,500 CAs on this first tax return? 

 

Thanks

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  • # 117513

Gazza said:

Hi,

I am preparing accounts for a small business which began 1/10/2017. I am taking the accounts up to 31st March 2018 to fit in with tax year going forward. So a 6 month accounting/basis period this year. Theres a van worth £5,000 which I am going to claim CAs on. The client is wanting to claim the max tax rebate possible which will mean carrying a loss back to 15/16 tax year, where it will be set against tax paid when they were employed on paid PAYE.

Am I restricted to only claiming £2,500 CAs on this first tax return? 

 

Thanks


 Hi,

You can add the WDA @18% for the period of account ,pro-rata .

Adina 

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  • # 117517

Thanks Adina S

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