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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I have a portfolio of buy to let properties and I bought a

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Hi I have a portfolio of buy to let properties and I bought a van in August and need to work out the depreciation for this and also for a phone which was £770 need to work for depreciation of this.Van bought in 31.10.18 and phone 1.6.18 .Need to work out for 2018-19 accounts
JA: What are the assets here? Are they current or long-term assets?
Customer: Long term assets
JA: Anything else you want the Accountant to know before I connect you?
Customer: no

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

May I ask why you wish to work out depreciation for buy to let property accounts as depreciation is disallowed for tax accounts and you claim capital allowance in its place.

Depreciation is accounting write off of fixed assets.. vans would normally carry a depreciation rate of 20% (5 year useful life)

Capital allowance for tax purposes on commercial vehicle - you can claim 100% annual investment allowance on it to reduce your taxable profits.

As far as purchase of phone for £770 - I would in inclined to expense the whole amount in the year of spend.. phones are really not treated as fixed assets but charged to profit and loss account in the year of expense.

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