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Capital Allowances for Individuals

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Capital Allowances for Individuals

  • This topic has 1 reply, 2 voices, and was last updated 10 months ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • August 16, 2021 at 9:27 am #631720
    Abhinav1608
    • Topics: 4
    • Replies: 4
    • ☆

    Julian is a sole trader who prepares accounts to 5 April each year. He acquired a car for both
    business and private purposes on 1 October 2020. The car has a CO2 emission rate of 115 g/km
    and cost £28,000. The private mileage for Julian’s period of account to 5 April 2021 was 25% of
    the total mileage for that year.
    Required
    What is the maximum amount of capital allowances that Julian can claim in respect of the car for
    the year ended 5 April 2021?

    Do we time apportion the allowance?
    (28000 * 6% * 6/12 * 75%) = 630
    OR
    1260 if time is ignored

    August 16, 2021 at 1:21 pm #631738
    Tax Tutor
    • Topics: 2
    • Replies: 3920
    • ☆☆☆☆☆

    You need to watch the lectures that take you though the study notes – the WDA is only time apportioned where the accounting period is other than 12 months – the date the asset is purchased within the period is irrelevant,

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