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#1 07-05-13 08:23:54

mikerow
Verified Member
From: Norfolk
Registered: 23-08-05
Posts: 363
Website

Depreciation

Doing my own tax this year.
Looking back on last year I see that an amount for depreciation was taken off my net profit.
Is that the value of the car as of April 2012 - its value this year.
It appears that this amount is then taken off the net profit is that correct?


http://www.learnnpass.co.uk/

Driving should be fun

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07-05-13 08:23:54

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Re: Depreciation



#2 07-05-13 20:15:30

ralge
Verified Member
From: Sheffield
Registered: 10-01-07
Posts: 320

Re: Depreciation

Value of car at beginning of last tax year less depreciation taken in last tax year = written down value carried forward into your next tax year and so on.


DSA Fleet Trainer, RoSPA Dip, PTLLS, Safed for Vans, NDAC/Speed Awareness on-road trainer, RoSPA RoAD Test Examiner.

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#3 08-05-13 05:37:05

MGM
Verified Member
From: Surrey
Registered: 24-10-11
Posts: 861

Re: Depreciation

You can't claim for depreciation as such. There's a box on your tax return for Capital Allowances, and you need to put the appropriate amount in there. The notes explain how much you're allowed to claim.

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#4 08-05-13 07:31:00

kjmcculloch
Member
Registered: 16-04-13
Posts: 14

Re: Depreciation

As a duql controlled car its not classed as a car for capital allowance purposes but rather as plant and machinery.  This means it's appropriate to claim annual investment allowance, or you can add it to the pool to be written down.  The point is if you claimed the whole amount last year as AIA there will be no more to claim, if it was added to the pool you can continue to write it down.

As has been said depreciation is not allowable, but you should continue to calculate it for your profit statement and statement of financial position.  This gives a true and accurate reflection of the value of your business.

Kris


I'm an accountancy provider for driving instructors.  Feel free to visit my website dedicated to driving instructors.

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#5 08-05-13 08:08:49

mikerow
Verified Member
From: Norfolk
Registered: 23-08-05
Posts: 363
Website

Re: Depreciation

That's great thanks
Form now submitted


http://www.learnnpass.co.uk/

Driving should be fun

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