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Capital allowances sole traders

MichaelStrahan · 2008-10-08 11:08:27

if you prepare accounts for the 12 months ending 30th june 2007 and a capital item is purchased in august 2007 do you claim capital allowances on it in 2007 or 2008 i.e are capital allowances claimed as per the tax year 1 jan to 31 dec each year or is it on the basis periods of the accounting year thank you

08-10-2008 12:08pm

#1

MichaelStrahan

Closed Accounts Posts: 8 ✭

Join Date: February 2008

Posts: 4

if you prepare accounts for the 12 months ending 30th june 2007 and a capital item is purchased in august 2007 do you claim capital allowances on it in 2007 or 2008

i.e are capital allowances claimed as per the tax year 1 jan to 31 dec each year or is it on the basis periods of the accounting year

thank you

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