Self Assessment Capital Allowance for car

goodraw

@Jeremy535897
Thank you for clarifying for everyone.

On tax return, under "capital allowance and balancing charges" I'm assuming "other capital allowances" is the correct box to fill in,and it should be 50% of the purchase price? The rest will be calculated automatically? 

sheramber

If so, what happens to the differance £8650- £2600= £6050. 


Why are you deducting the tax figure from the 8650 ?

goodraw

sheramber said:

If so, what happens to the differance £8650- £2600= £6050. 


Why are you deducting the tax figure from the 8650 ?

I've no idea ! Assumed that's how its calculated.

Can you enlighten?

Jeremy535897

In the capital allowances box, you put in the figure of the claim, which is, if your figures are accurate, £8,650 at 18% which is £1,557. The following year it will be £8,650 - £1,557 = £7,093 at 18% = £1,277, assuming the rules don't change, the business proportion doesn't change, and you still have the car.

goodraw

Ok,Thank you Jeremy! I'm assuming in the "other capital allowances" box

Jeremy535897

Yes, box 25.

[Deleted User]

goodraw said:

sheramber said:

If so, what happens to the differance £8650- £2600= £6050. 


Why are you deducting the tax figure from the 8650 ?

I've no idea ! Assumed that's how its calculated.

Can you enlighten?

That is the point that I was trying to make. Deducting the tax from the cost (private use element deducted) of the car certainly suggested an intention to claim the full £8650. However, given the rudeness to someone who was trying to help him, I won’t be able to view the replies.

goodraw

purdyoaten2 said:

goodraw said:

sheramber said:

If so, what happens to the differance £8650- £2600= £6050. 


Why are you deducting the tax figure from the 8650 ?

I've no idea ! Assumed that's how its calculated.

Can you enlighten?

That is the point that I was trying to make. Deducting the tax from the cost (private use element deducted) of the car certainly suggested an intention to claim the full £8650. However, given the rudeness to someone who was trying to help him, I won’t be able to view the replies.

Not only are you giving out completly wrong advise,which could cost me and anyone taking it serious money,you also are unable to discern someone attempting to understand a problem,from someone with the "intention to claim the full £8650".
Therefore, might be an idea  to take a " holiday " from such forums.

Jeremy535897

You have only posted a few times, so you may not fully understand how the forums work. Those who answer the questions do so voluntarily, without expectation of reward, in a genuine attempt to help enquirers. By definition, we are unlikely to be people who do this stuff all day for a living, although a lot of us used to. Consequently, and given the fact that our answers are unreviewed (which should not happen in a proper paid client adviser relationship), you are always advised that you cannot rely on anything said here, but must use your own judgment. We all make mistakes. Our tax system is the most complex in the world, so please bear all this in mind for the future.

goodraw

Jeremy535897 said:

You have only posted a few times, so you may not fully understand how the forums work. Those who answer the questions do so voluntarily, without expectation of reward, in a genuine attempt to help enquirers. By definition, we are unlikely to be people who do this stuff all day for a living, although a lot of us used to. Consequently, and given the fact that our answers are unreviewed (which should not happen in a proper paid client adviser relationship), you are always advised that you cannot rely on anything said here, but must use your own judgment. We all make mistakes. Our tax system is the most complex in the world, so please bear all this in mind for the future.

I have no problem whatsoever with what you say in regards to people making mistakes. However, he made a statement about me, rather offensive in suggesting that I was trying to make an exeggerated claim,which I wasn't,and it's obvoius to anyone reading what I had.written that I was simply asking if thats what should be put down.

Thank you again for your much appreciated advice.