Taxi Driver Accounts

shelleym

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?

CeeJaySix

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.