Not sure with this one

pinoyLizpinoyLiz Feels At HomeRegistered Posts: 92
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

Comments

  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,440
    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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