vehicle depreciation how and can i claim

captaindicko

i have registered and filed my s.a online today. the chap at the tax office was very good and helped as much as he could but he was pushed because of the amount of people coming in obviously the 30.01.is a very busy time....

one question i bought a vehicle for my business and use it solely for business
can i claim any depreciation value on it..

the cost of the vehicle was £17000
it was bought cash

if i can claim and offset it
how do i do it

i am new to the sole trader game... and to the tax game....
i only want what is right for me

thebaldwindowfitter

yes you can claim it used to be 25% for car in first year then 10% there after but not sure what it is now .this is called writing down allowance and works down till the value is nothing.because you are using the vehicle you can claim the full amount

ceeforcat

Prior to this year and as far back as I can remember the capital allowances on a car are 25% on a reducing balance subject to a maximum claim of £3000 per annum. This percentage has now been reduced to 20%.

In your case you would claim £3000 in the first year, £3000 in the second year and £2750 (25%) or £2200 (20%) in the third year.

I have no idea where 10% arises as stated by a6windows.

captaindicko

does it make a difference whether it is a car or a van????
also i have already filed and got a bill which must be paid today...
so do i write to them and just explain that i missed it off
or will i not be entitled to it now as the filing date has passed????