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#1 06-10-11 22:30:48

digitalsakurauk
Member
Registered: 04-08-06
Posts: 20

depreciation of motor vehicle HELP.

Hi

Could anyone help me find out the depreciation of motor vehicle for this year.

I had it calculated for me by an accountant last 2 years, but this year I like to do it myself.

2009 -  £2.621 for 2008
2010 - £1.486 for 2009

any help would be great smile

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06-10-11 22:30:48

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Re: depreciation of motor vehicle HELP.




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#2 07-10-11 09:11:28

fishie
Banned
From: leeds
Registered: 09-08-11
Posts: 324
Website

Re: depreciation of motor vehicle HELP.

To work out the sum of depreciation you must take the starting fiqure. Lets say it was 10k then take off 25% for year one and you are left with 7.5k. For year 2 take 25% off 7.5k and you are left with £5625 and the same the next year and the next. So when you walk into the garage it helps to know what the car stands in the books at as if you trade it in for more you will have to class it as a asset and pay tax on it. Please post what it cost for me to show your 2011 value.


www.fishersdrivingschool.co.uk
Remember only dead fish's go with the flow
Grade 6 by fluke this and last time
Some cardigan in the wardrobe non ordit

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#3 07-10-11 12:12:32

on board training
Guest

Re: depreciation of motor vehicle HELP.

Hi,

Normally it is 50% first year then 25% of remaining values consecutive years.

Then we have fuel efficient vehicles which from this year you can get 100% offset 1st year.

Brian


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#4 07-10-11 13:14:01

fishie
Banned
From: leeds
Registered: 09-08-11
Posts: 324
Website

Re: depreciation of motor vehicle HELP.

Very good point brian and one i forgot about. If you buy a car with a co2 emission rate of 120 or LESS you can take the whole cost of the car against tax in that year but whilst i for one think that the cars arn;t worth anything the tax man wont let you disscount it down by 50%

Hi,

Normally it is 50% first year then 25% of remaining values consecutive years.

Then we have fuel efficient vehicles which from this year you can get 100% offset 1st year.

Brian


www.fishersdrivingschool.co.uk
Remember only dead fish's go with the flow
Grade 6 by fluke this and last time
Some cardigan in the wardrobe non ordit

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#5 07-10-11 13:21:05

on board training
Guest

Re: depreciation of motor vehicle HELP.

Hi,

my understanding if not the 100% offset due to low co2 - anormal driving school car with roofboard is offeset 1st year by 40% and then 25% of remaining vaues each consecutive year and if a liveried car it is as I have said 50% 1st year and then the 25%

Brian


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#6 07-10-11 19:14:16

digitalsakurauk
Member
Registered: 04-08-06
Posts: 20

Re: depreciation of motor vehicle HELP.

To work out the sum of depreciation you must take the starting fiqure. Lets say it was 10k then take off 25% for year one and you are left with 7.5k. For year 2 take 25% off 7.5k and you are left with £5625 and the same the next year and the next. So when you walk into the garage it helps to know what the car stands in the books at as if you trade it in for more you will have to class it as a asset and pay tax on it. Please post what it cost for me to show your 2011 value.

My car cost me new 10.5k so the first year is  = £2.621 for 2008

secound year = £1.486 for 2009

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#7 08-10-11 09:05:00

fishie
Banned
From: leeds
Registered: 09-08-11
Posts: 324
Website

Re: depreciation of motor vehicle HELP.

So on that basis your car should be in the books at £4430.00 for the end of that year and bearing in mind if you were to sell it, it would be worth £554.00 as we have had 6 more months since september.
If you sell it/trade it in make sure the car does not go for more or any difference on the £3876 the car is worth in the books will have to be writen back in to the profit side.

fishie wrote:

To work out the sum of depreciation you must take the starting fiqure. Lets say it was 10k then take off 25% for year one and you are left with 7.5k. For year 2 take 25% off 7.5k and you are left with £5625 and the same the next year and the next. So when you walk into the garage it helps to know what the car stands in the books at as if you trade it in for more you will have to class it as a asset and pay tax on it. Please post what it cost for me to show your 2011 value.

My car cost me new 10.5k so the first year is  = £2.621 for 2008

secound year = £1.486 for 2009


www.fishersdrivingschool.co.uk
Remember only dead fish's go with the flow
Grade 6 by fluke this and last time
Some cardigan in the wardrobe non ordit

Offline


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#8 08-10-11 09:08:31

fishie
Banned
From: leeds
Registered: 09-08-11
Posts: 324
Website

Re: depreciation of motor vehicle HELP.

Hi brian i have to say i wish it was. Unless you are looking at low co2 emissions then the most the tax man will let you have as deprication is 25% on motors, they will let you have a higher figure on "plant and machinery" and in fact firms take from 10% to 40% on these.

Hi,

my understanding if not the 100% offset due to low co2 - anormal driving school car with roofboard is offeset 1st year by 40% and then 25% of remaining vaues each consecutive year and if a liveried car it is as I have said 50% 1st year and then the 25%

Brian


www.fishersdrivingschool.co.uk
Remember only dead fish's go with the flow
Grade 6 by fluke this and last time
Some cardigan in the wardrobe non ordit

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#9 08-10-11 09:31:49

on board training
Guest

Re: depreciation of motor vehicle HELP.

Hi,

As far as we are concerned the motor is plant and machinery, unless a recent change. I have come across a few ADIs who have had to keep their accountant right or have been given the wrong information. Including one who had put it through at only 40% when it could have been 50% the first year.

Brian


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#10 08-10-11 09:49:52

martin Williams
Verified Member
Registered: 26-06-09
Posts: 1,144

Re: depreciation of motor vehicle HELP.

This is from a HMRC fact sheet seems to back up what you say Brian

Capital allowances and cars
A car is a mechanically propelled road vehicle except where it is:
• constructed in such a way that it is primarily suited for transporting goods
of any sort, or
• of a type which is not commonly used as a private vehicle and is not
suitable for use as a private vehicle.
This means that vans and lorries are generally not cars, whereas a standard
saloon or estate car is. Motor homes are also cars. However, certain cars
that have been specially modified to be used as driving instructors’ cars with
additional pedals, are not treated as cars.

But I cant find where it says you can claim 50% in the first year.

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#11 08-10-11 12:29:38

digitalsakurauk
Member
Registered: 04-08-06
Posts: 20

Re: depreciation of motor vehicle HELP.

So on that basis your car should be in the books at £4430.00 for the end of that year and bearing in mind if you were to sell it, it would be worth £554.00 as we have had 6 more months since september.
If you sell it/trade it in make sure the car does not go for more or any difference on the £3876 the car is worth in the books will have to be writen back in to the profit side.

digitalsakurauk wrote:
fishie wrote:

To work out the sum of depreciation you must take the starting fiqure. Lets say it was 10k then take off 25% for year one and you are left with 7.5k. For year 2 take 25% off 7.5k and you are left with £5625 and the same the next year and the next. So when you walk into the garage it helps to know what the car stands in the books at as if you trade it in for more you will have to class it as a asset and pay tax on it. Please post what it cost for me to show your 2011 value.

My car cost me new 10.5k so the first year is  = £2.621 for 2008

secound year = £1.486 for 2009


so confused! haha.. my depreciation  for 2010 is?

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#12 08-10-11 13:10:21

fishie
Banned
From: leeds
Registered: 09-08-11
Posts: 324
Website

Re: depreciation of motor vehicle HELP.

Dead easy take 25% of the value. Big problem who ever did last years books has cocked up as the depreciation should of been £1968.75 and not as you say £1486.00. Two ways forward leave it as it is and take £1598.25 this year or the best way at the botom of your return form there is an area to make changes for previous tax years. Claim the £1598.25 and in the adjustment box put down £482.75. Get yourselve a accountant sack the last idiot that is costing you money expect to pay £200ish for the service


www.fishersdrivingschool.co.uk
Remember only dead fish's go with the flow
Grade 6 by fluke this and last time
Some cardigan in the wardrobe non ordit

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#13 08-10-11 15:59:04

digitalsakurauk
Member
Registered: 04-08-06
Posts: 20

Re: depreciation of motor vehicle HELP.

Dead easy take 25% of the value. Big problem who ever did last years books has cocked up as the depreciation should of been £1968.75 and not as you say £1486.00. Two ways forward leave it as it is and take £1598.25 this year or the best way at the botom of your return form there is an area to make changes for previous tax years. Claim the £1598.25 and in the adjustment box put down £482.75. Get yourselve a accountant sack the last idiot that is costing you money expect to pay £200ish for the service

just going to put down £1598.25 for this year. if i adjust last years tax do i have to get an accountant to do it?

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#14 08-10-11 22:34:56

looprevil
Verified Member
Registered: 17-03-08
Posts: 424

Re: depreciation of motor vehicle HELP.

This is relevant:

http://www.hmrc.gov.uk/helpsheets/hs252.pdf

From memory rules changed a couple of years ago. The treatment of driving school cars changed so they can be treated as plant and machinery rather than a car for tax purposes and subject to annual investment allowance.

This meant 100% can be claimed for driving school car purchases after that date. On disposal (selling) you treat the proceeds of sale as income to the business.

Prior to that change a 100% first year allowance was (and I think still is) available on certain vehicle with CO2 emissions of 160 grams per kilometre driven (g/km) or less.

Will stress I am recalling this from memory as I looked into this sometime ago. I advise anyone to understand their own circumstances fully and the tax regulations that apply, if not confident seek advice from those that are qualified.

Cheers

Paddy


smile  big_smile  lol  cool

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#15 08-10-11 23:18:37

digitalsakurauk
Member
Registered: 04-08-06
Posts: 20

Re: depreciation of motor vehicle HELP.

This is relevant:

http://www.hmrc.gov.uk/helpsheets/hs252.pdf

From memory rules changed a couple of years ago. The treatment of driving school cars changed so they can be treated as plant and machinery rather than a car for tax purposes and subject to annual investment allowance.

This meant 100% can be claimed for driving school car purchases after that date. On disposal (selling) you treat the proceeds of sale as income to the business.

Prior to that change a 100% first year allowance was (and I think still is) available on certain vehicle with CO2 emissions of 160 grams per kilometre driven (g/km) or less.

Will stress I am recalling this from memory as I looked into this sometime ago. I advise anyone to understand their own circumstances fully and the tax regulations that apply, if not confident seek advice from those that are qualified.

Cheers

Paddy

i dont know what to do now after reading the pdf.  in 2007 paid 10.5k for a new toyota aygo whith a CO2 emissions: 109g/km. if i am reading it right, the 1st year i could claim 100% capital allowance for my car but my accountant only hlep me claim £2621.

this has messed up my 2nd year as my accountant only helped me claim for £1486. should i tell my accountant they messed up my accounts~?

so confused :S

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#16 09-10-11 12:10:53

fishie
Banned
From: leeds
Registered: 09-08-11
Posts: 324
Website

Re: depreciation of motor vehicle HELP.

Look lets go back over a few things that you seem to be having trouble with. 1/ Your accountant made a mess of the depreciation in the second year and now you tell us 2/ that the car had a co2 count less than 120, so the question that i would of asked is did you make and declare a profit in that year. If so he/they cocked up again. SACK them. Get another firm in to do your books.


www.fishersdrivingschool.co.uk
Remember only dead fish's go with the flow
Grade 6 by fluke this and last time
Some cardigan in the wardrobe non ordit

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#17 09-10-11 13:06:43

on board training
Guest

Re: depreciation of motor vehicle HELP.

Hi,

I don't think the low co2 part came in as early as your car purchase.

But it was 50% allowable at that time.

I would bring it to his attention and get it sorted and expect your accounts done either discounted or free this time round as a gesture.

Cheers,
   Brian


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#18 09-10-11 14:34:17

digitalsakurauk
Member
Registered: 04-08-06
Posts: 20

Re: depreciation of motor vehicle HELP.

Hi,

I don't think the low co2 part came in as early as your car purchase.

But it was 50% allowable at that time.

I would bring it to his attention and get it sorted and expect your accounts done either discounted or free this time round as a gesture.

Cheers,
   Brian

thanks i will do. could anyone point out where it says its 50% allowable for the first year on the HMRC site ? i need this information so i can show the accountants.


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#19 09-10-11 14:52:24

on board training
Guest

Re: depreciation of motor vehicle HELP.

Hi,

If you use a standard roofsign then 40% and if vehicle graphics on all the time 50%.

Not sure where you will find it but that is what it is.

Brian


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#20 09-10-11 15:03:33

digitalsakurauk
Member
Registered: 04-08-06
Posts: 20

Re: depreciation of motor vehicle HELP.

Hi,

If you use a standard roofsign then 40% and if vehicle graphics on all the time 50%.

Not sure where you will find it but that is what it is.

Brian



Thanks, you have been a great help. 40% first year with the roofsign and then the 2nd, 3rd, 4th etc is 25%? or 20%?

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#21 09-10-11 15:17:34

looprevil
Verified Member
Registered: 17-03-08
Posts: 424

Re: depreciation of motor vehicle HELP.

Hi,

If you use a standard roofsign then 40% and if vehicle graphics on all the time 50%.

Not sure where you will find it but that is what it is.

Brian

Hi Brian,

Where do you get that info from? Doesn't sound right to me.

Digital,

The issue with tax is that every tax year things change. For taxation purposes individually you need to look at what you do and when you do it and then apply the tax rules in place for that time. Very often when you do something makes a difference because how it is treated may differ if and when the rules changed and when they are effective from.

Agree with Brain don't think the 100% low emission first year allowance was introduced until later than 2007.

Also bear in mind that law can differ between different parts of the UK. Brian is based in Scotland, I am based in Wales. I don't know whether or not tax rules apply differently in Scotland as they do sometimes with the law.

Cheers

Paddy


smile  big_smile  lol  cool

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#22 09-10-11 16:28:41

digitalsakurauk
Member
Registered: 04-08-06
Posts: 20

Re: depreciation of motor vehicle HELP.

on board training wrote:

Hi,

If you use a standard roofsign then 40% and if vehicle graphics on all the time 50%.

Not sure where you will find it but that is what it is.

Brian

Hi Brian,

Where do you get that info from? Doesn't sound right to me.

Digital,

The issue with tax is that every tax year things change. For taxation purposes individually you need to look at what you do and when you do it and then apply the tax rules in place for that time. Very often when you do something makes a difference because how it is treated may differ if and when the rules changed and when they are effective from.

Agree with Brain don't think the 100% low emission first year allowance was introduced until later than 2007.

Also bear in mind that law can differ between different parts of the UK. Brian is based in Scotland, I am based in Wales. I don't know whether or not tax rules apply differently in Scotland as they do sometimes with the law.

Cheers

Paddy


hey looprevil. so, if brian is wrong then who knows the answer? hahha.. im so confused now... first thing tomorrow i want to go into my accountant and tell them the past 2 years they had given the wrong depreciation sums.

as fishie said on post 11, he said its 25% for my secound year

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#23 09-10-11 19:09:25

Hilary Hughes
Verified Member
From: Stockport, Manchester
Registered: 25-06-04
Posts: 1,232
Website

Re: depreciation of motor vehicle HELP.

Why not ring the tax office to find out? There is obviously no definitive answer on here.

Hilary


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#24 09-10-11 22:01:24

fishie
Banned
From: leeds
Registered: 09-08-11
Posts: 324
Website

Re: depreciation of motor vehicle HELP.

There is i have spoken all the rest are wrong god it hurts been perfect but i will live lol

There is obviously no definitive answer on here.

Hilary


www.fishersdrivingschool.co.uk
Remember only dead fish's go with the flow
Grade 6 by fluke this and last time
Some cardigan in the wardrobe non ordit

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Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 714

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#25 10-10-11 08:38:16

Hilary Hughes
Verified Member
From: Stockport, Manchester
Registered: 25-06-04
Posts: 1,232
Website

Re: depreciation of motor vehicle HELP.

There is i have spoken all the rest are wrong god it hurts been perfect but i will live lol

Hilary Hughes wrote:

There is obviously no definitive answer on here.

Hilary


And so will I smile


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