Mind blank - disclaiming capital allowances
Gem7321
Registered Posts: 1,412 Beyond epic contributor 🧙♂️
Sorry I'm having a complete mind blank - this is the first time I've come across this since coming back to work from maternity leave!
My client has profit of £6,000 for 09/10 (late filing) so wholly covered by personal allowance, no additions during the year so we won't be losing any FYA/AIA, is it still OK to disclaim the WDA and carry forward the whole WDV from 08/09? The WDV is under £1,000 so would like to claim the CA's when he's actually got some taxable profit. Is this still right?!
Thanks!
My client has profit of £6,000 for 09/10 (late filing) so wholly covered by personal allowance, no additions during the year so we won't be losing any FYA/AIA, is it still OK to disclaim the WDA and carry forward the whole WDV from 08/09? The WDV is under £1,000 so would like to claim the CA's when he's actually got some taxable profit. Is this still right?!
Thanks!
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Comments
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Yep that's just fine. Claim no CA's and carry forward the previous WDV to the next period.
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Thanks Jenni! I had a niggling feeling that I was going mad
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