Not sure with this one

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pinoyLiz
pinoyLiz Registered Posts: 92 Regular contributor ⭐
in General accounting discussion
Can you claim first year allowance for your fixed asset although you have chosen to drawn up your account after 4 months in business to be the same as the date of tax year?

Started business in Nov and drawn up accounts in 31st March. How would this affect the FYA?

Many thanks.
L

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  • burg
    burg Registered, Moderator Posts: 1,441 mod
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    FYA's are not time apportioned, they are allowable at the purchase date of the asset.

    So as long as it fell within that period and qualifies for FYA then the whole FYA can be claimed.
    Regards,

    Burg

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