Capital Allowances - Plant, Machinery & Vehicles
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Is there any easy way to remember all the dates you have to take into account which trying to calculate capital allowances. I'm really stuck and keep getting it wrong!
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Comments
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Re:Capital Allowances - Plant, Machinery & Vehicles
Basically first year allowances for plant and machinery (including computers and vans) were 50% up to and including 31st March 2005 (commencing from 1st April 2004). For purchases made after this date they have reverted back to 40%.
Are these the dates you are enquiring about. Corporation tax rates haven't changed over the last couple of years and therefore for an accounting period which straddles two corporation tax years (corp tax year ends on 31st March) there aren't any issues you need to take into account.
Kind regards
Steve0 -
Re:Capital Allowances - Plant, Machinery & Vehicles
Yes, Thanks it's just confusing me trying to remember all the dates and get it right.0 -
Re:Capital Allowances - Plant, Machinery & Vehicles
Steve, so basically it straddles the 04 CT600 and for one year only?
Are those figures based on SME's or large companies?
Regards
Dean0 -
Re:Capital Allowances - Plant, Machinery & Vehicles
I think these rates may be given to you in the exam - you just have to remember that they may fall in that bracket and have a look.
When I sat my tax paper there was a 100% allowance on computers etc but only for the one tax year so you just had to remember that.
Annette0 -
Re:Capital Allowances - Plant, Machinery & Vehicles
Annette is spot on. They do give you the rates in the exams - I forgot about that bit!
Regards
Steve0