shaungbuk
23rd April 2010, 11:07
Hi all,
Couple of queries based on Sole Trader status.
1: How far back can you amend capital allowances?
2: How would you show in your accounts the disposal of one vehicle and purchase of another on the government scrap scheme? The value of the scrapped vehicle can obv be less than what the scheme contributes. Lets say vehicle worth 1k on books, 2k given for scrappage, new car worth 7k -2k scrap, balance paid 5k. Do you put the asset as 7k and account for the 2k as discount received? What about the old vehicle?
2b: And how would you deal with the above for tax return capital allowance pools with the car in its own pool?
3:Just a quick check on IT part of a tax bill for 08/09. Am I right with this or have I gone mad? (NI part is fine)
08/09 NP-PA(6035)=TP then IT at 20% = Bill
Thanks ladies and gents.
Couple of queries based on Sole Trader status.
1: How far back can you amend capital allowances?
2: How would you show in your accounts the disposal of one vehicle and purchase of another on the government scrap scheme? The value of the scrapped vehicle can obv be less than what the scheme contributes. Lets say vehicle worth 1k on books, 2k given for scrappage, new car worth 7k -2k scrap, balance paid 5k. Do you put the asset as 7k and account for the 2k as discount received? What about the old vehicle?
2b: And how would you deal with the above for tax return capital allowance pools with the car in its own pool?
3:Just a quick check on IT part of a tax bill for 08/09. Am I right with this or have I gone mad? (NI part is fine)
08/09 NP-PA(6035)=TP then IT at 20% = Bill
Thanks ladies and gents.