Capital Allowances

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT member discussion
My friend started 01.07.07 as a sole trader (hairdressing) She has purchased a computer for her business, what is her fya for 07/08 is it 50%?

Also, will her first payment of tax on profits be due January 09 for 07/08 with a payment on account for 08/09.

Thanks

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Capital Allowances

    It is 50% and a tax return for 5/4/08 will have a balancing payment due by 31 January 2009 and an on-account payment (if appropriate) on 31 July 2009.

    Kind regards
    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Capital Allowances

    Thanks Steve - thought I had got it right, but its my first client and just wanted to be sure. I am also right in saying if her profits are under 15k then when completing her SA I don't have to include a set of accounts? I would just need to show, revenue, expenses, profit.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Capital Allowances

    When you say the "accounts" you will include these on the return but you don't have to supply a balance sheet. There are instructions about this on the tax return itself.

    Kind regards
    Steve

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