AIA on private use asset?
JodieR
Registered Posts: 996 Beyond epic contributor ๐งโโ๏ธ
I'm pretty sure I'm right here, but can someone please confirm that I can claim AIA on an asset with private use, so long as it's restricted by the private use %?
Thanks!
Thanks!
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Comments
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It depends on the asset - cars do not get AIA - I think that most others do!
Claudia0 -
I claimed 50 % AIA for my PC and desk as I work from home and use the PC for personal use also. Not sure about cars though. Best just charging 40p a mile for business use if you are unsure.0
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Best just charging 40p a mile for business use if you are unsure.
It completely depends on the circumstances. This might be the best solution for say, a sole director who has a very expensive company car, but for a sole trader who knows he has 30% PU it might be best to show the car in the balance sheet and claim 70% of the P&L costs and 70% of the CAs.
I think you should work out the most tax-efficient method on an individual basis and if you're unsure get some advice.0 -
Especially as a sole trader above the VAT threshold can't use the mileage rate to my knowledge0
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Absolutely0
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