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Sam
Sam, Accountant
Category: Tax
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We are useing Quick books and have a balance sheet year 2014/2015

Resolved Question:

We are useing Quick books and have a balance sheet year 2014/2015 and have tax to pay.
How do we claim depriation on assets non have been claimed since 2011.We purchaced a second hand commercial vehicle in November 2014.
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi Thanks for your question Then they will go into a general pool - can you advise what they are - and what the total value is please. Then I can advsie further Please also advise re the commercial vehicle - is it a van or car ? If a car what the CO2 emissions are ThanksSam
Customer: replied 1 year ago.
The vehicle is a pick up truck and is heavy oil.Cost of vehicle was £20000.00 inc Vat and as we are not vat reg no vat was reclaimed.Assets had been depreciated to £35426.00 @ April 2011 but no depeciation since then.We are a partenership.
Hope this helps.
Regards Roger
Expert:  Sam replied 1 year ago.
Hi Roger Thanks for the additional information Any plant machinery or business equipment up to a total value of £500,000 can be claimed But any purchases pre 2015 tax year (which may be whole of the pool - which goes into the general pool) you can claim Writing Down allowances of up to 18% of that value - which amounts to £6376.68 And you can claim for the vehicle £20000 in its entirety as a new purchases in year end 2015 and not a car so not restricted. Now of course you probably want to ensure that you utilise this claim as efficiently as possible, as if this is the partners sole income, then you want to bring each of your share of the profits into £10000 so you fully use your personal allowances Thanks Sam
Customer: replied 1 year ago.
Hi Sam
Thank you for your answer and having looked at the trail balancewe have a figure of -£35426.00 depreciation on plant and machinery. A figure of £62229.44 for plant and machinery.£20145.00 for motor [email protected] 2015.The combined nett profit figure for the patenership is £17687.69 our combined pension payments are £11686.08.Interest on savings £627.44 Our tax allowance is combined £21000.How do I claim the depreciation on to Quickbooks and enter on our tax return.Many thanks Roger.
Expert:  Sam replied 1 year ago.
Hi Roger
If you wish additional help then you will need to list this as anew question as per Just Answer policy (for which I am very sorry for this) as I have already fully answered the question you posted - if you now wish me to assist with the tax return completion - I am afraid this will incur an additional charge.
You can always ask for me in the new posted question (if you would prefer for continuity) but in the meantime it would be appreciated if you could rate or accept this line of Question and Answer thread so I am credited for my time
Also please note the costs to use Just Answer are an allowable business expenses (professional costs !)
Thanks
Sam
Sam and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
I rate the service as very good.Roger
Expert:  Sam replied 1 year ago.
Thank you so much Roger - much appreciated
Sam

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