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Annual investment allowance
tyllwyd
Posts: 5,496 Forumite
in Cutting tax
Apologies for posting such a basic question, but I wanted to check that I'm doing things right ...
I'm a freelance editor, self-employed as a sole trader. My annual turnover is less than £15K, and I have very few expenses (a bit of stationery mainly). I need to buy a new laser printer, which will be exclusively for my business, costing less than £200.
I've just realised that the rules have changed, and this is now covered by the annual investment allowance. Am I right in thinking that the AIA applies to 100% of this cost, so I can just enter the full price of the printer in the appropriate box in my self-assessment form? Would that be the price including VAT (I'm obviously not VAT registered) and postage and packing costs?
I'm a freelance editor, self-employed as a sole trader. My annual turnover is less than £15K, and I have very few expenses (a bit of stationery mainly). I need to buy a new laser printer, which will be exclusively for my business, costing less than £200.
I've just realised that the rules have changed, and this is now covered by the annual investment allowance. Am I right in thinking that the AIA applies to 100% of this cost, so I can just enter the full price of the printer in the appropriate box in my self-assessment form? Would that be the price including VAT (I'm obviously not VAT registered) and postage and packing costs?
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Comments
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Yes the price including the VAT (because you can't reclaim it) and delivery costs can all be deducted from profits in the year you purchase the printer.I am an Accountant. You should note that this site doesn't check my status as an Accountant.All posts on here are for information and discussion purposes only and should not be seen as professional advice.0
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What is the year-end for your Accounts in 2008/09?I am an Accountant. You should note that this site doesn't check my status as an Accountant.All posts on here are for information and discussion purposes only and should not be seen as professional advice.0
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The Writing Down Allowance for 2008/09 with a year end of 31 March 2009 is 20% for a company or 20.07% if unincorporated (per cahrcalculator.hmrc.gov.uk).
So you can claim about 20% of the brought forward balance and also 100% of the additions in the year under the AIA.I am an Accountant. You should note that this site doesn't check my status as an Accountant.All posts on here are for information and discussion purposes only and should not be seen as professional advice.0
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