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Question

I AM SELF EMPLOYED AS A COLLECTING AGENT FOR PROVIDENT PERSONAL CREDIT, AND USE MY CAR FOR DRIVING ON MY ROUND. I BOUGHT A NEW CAR THIS YEAR CAN I CLAIM DEPRECIATION? IT WAS BOUGHT ON 21.02.06 FOR £9245.00 BUT £2500.00 WAS PART EXCHANGE.IF SO HOW MUCH DO I CLAIM AND WHERE DO I CLAIM ON THE SELF ASSESSMENT FORM

Submitted: 1144 days and 16 hours ago.
Category: Tax
Value: $10
Status: CLOSED
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United Kingdom

1144 days and 15 hours ago.

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Relist: I still need help.
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Accepted Answer

Hello friend,

If you are operating as a business yourself (sole trader or business partner)you get the full year's car allowance in the year you bought the car .

Read carefully in "taxbuddies" website & HMRC site so you are sure you are doing this in the correct way that benefits you most.

See here:

http://www.taxbuddies.com/calcShow.php?calc=car

http://www.hmrc.gov.uk/workingtogether/publications/wt_10.htm#d

 

Other possible help:

http://www.moneysavingexpert.com/print.phtml?page=1127747422,4411

http://www.gbinvestments.co.uk/?page_id=355

If you are newly self employed you can make contact with a business support team at

New Employers help line @ 0845 60 70 143

Sincerely,Don

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Expert: Don
Pos. Feedback: 100.0 %
Accepts: 15
Answered: 1/31/2007

bus.owner

bus . owner- will work to be sure you know what's expected..no guessing.

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