Taxi Driver Accounts
shelleym
Registered Posts: 31 Regular contributor ⭐
Hi there im new to this site and am hoping to find someone who can help me out with the tax reliefs available to a taxi driver purchasing a taxi, taxi plate and metre position, I know I can claim capital allowances for the taxi but am unsure about the plate and position, does this value just get carried in the accounts until sale or can I claim capital allowances for it?
0
Comments
-
http://www.hmrc.gov.uk/manuals/vitmanual/VIT50300.htm
With the exception of London-type cabs (ie. constructed as a taxi), AIA is not available. WDA however is, and input VAT is reclaimable according to the above link (both excepting any element of private use).
My instinct would be to treat the meter and plate as P&M eligible for AIA - obviously no private use and as they are wholly and exclusively for trade. I can't find any confirmation of this from a quick Google mind (although in Ireland they are P&M!). Quite a specialist question so might be worth giving HMRC a tinkle.0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 325 NEW! Qualifications 2022
- 160 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 95 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 275 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 202 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 583 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership