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#1 14-09-09 14:41:42

Flossie
Verified Member
Registered: 09-06-07
Posts: 53

Car Depreciation calculation for self assessment

Hi, I thought I'd be really organised and file my self assessment for last year.  The only part I'm missing is the car depreciation.  I had it calculated for me by an accountant last year for the next few years and I've lost the email.  Can anyone help!?!

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14-09-09 14:41:42

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Re: Car Depreciation calculation for self assessment




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#2 14-09-09 17:06:23

sue martin
Verified Member
From: National area franchises
Registered: 21-01-05
Posts: 333
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Re: Car Depreciation calculation for self assessment

Hi Flossie ,
First up what is your car? age / make and value when purchased and when was it purchased . Depreciation allowance rate depends on these factors ,
Many Thanks
Sue


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#3 15-09-09 20:05:38

Flossie
Verified Member
Registered: 09-06-07
Posts: 53

Re: Car Depreciation calculation for self assessment

I thought someone might give me a calculation for me to do it but if you would like to, here goes...

Car was first registered in 30/03/2005
I purchased the car on 22/11/2006
I paid £5,695
I use it for 90% business

Thanks!

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#4 16-09-09 12:47:46

Cat8t3
Verified Member
From: Droitwich - Worcestershire
Registered: 28-08-07
Posts: 339

Re: Car Depreciation calculation for self assessment

When did you register as self employed, and when did you start to use the car for business use will also need to be known.

Ok so say you were selfemployed from the date that you purchased the car.

1: 5,695 / 100 x 20 = 1,139 (20% of amount of car cost)

2: 1,139 / 12(months in year) x 4 (months you were self employed in 2005/2006) = 379.66

3: 379.66 / 100 x 90(business use used) = 341.69

Cost                                          £5,695
2005/2006 restricted to business is £  379.66 (rounded to 380.00)
Value carried forward £5315.00

Then just use the same formula for the yaers after. Hope that helps. big_smile


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#5 18-09-09 16:30:56

Flossie
Verified Member
Registered: 09-06-07
Posts: 53

Re: Car Depreciation calculation for self assessment

Thankyou SOOO much!!!   big_smile big_smile big_smile

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