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enhanced capital allowance

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › enhanced capital allowance

  • This topic has 10 replies, 2 voices, and was last updated 2 months ago by JillyB.
Viewing 11 posts - 1 through 11 (of 11 total)
  • Author
    Posts
  • November 26, 2022 at 2:25 pm #672641
    justalittlelost
    Participant
    • Topics: 18
    • Replies: 29
    • ☆

    Hello!
    Ella started in business as a sole trader on 6 Nov 2021 and prepared her first set of accounts to 5 April 2022. On Dec 6 2021 she acquired plant at a cost of £430,000. What are the maximum capital allowances that she can claim for the period of account to 5 April 2022.
    (a) In the answers they haven’t considered the super deduction at 130%. Am I wrong in assuming that since the plant was acquired after 1 April 2021, she would be able to avail a fya of 130%?
    (b) If a main pool item was purchased during accounting period of >12 months, can the enchanced 130% main pool and 50% sperial rate pool allowance be apportioned pro rata ?
    Thank you.

    November 26, 2022 at 3:22 pm #672644
    JillyB
    Moderator
    • Topics: 0
    • Replies: 190
    • ☆☆

    Enhansed CA 130% are for Ltd Co only

    November 27, 2022 at 12:01 pm #672743
    justalittlelost
    Participant
    • Topics: 18
    • Replies: 29
    • ☆

    OH! Huge oversight on my part. Thank you so much.

    November 27, 2022 at 1:21 pm #672746
    justalittlelost
    Participant
    • Topics: 18
    • Replies: 29
    • ☆

    If it is for a Ltd Co should it be pro rated when accounting period is <12 months?

    November 28, 2022 at 2:01 pm #672805
    JillyB
    Moderator
    • Topics: 0
    • Replies: 190
    • ☆☆

    yes

    November 29, 2022 at 10:11 am #672844
    justalittlelost
    Participant
    • Topics: 18
    • Replies: 29
    • ☆

    I’m sorry to drag this on but I just stumbled upon Lucky Ltd in bpp and they’ve allowed a full 130% allowance for both computer and office equipment inspite of it only being a 4 month accounting period. This points to the contrary of what you’ve just confirmed could you please clarify this?
    Thank you

    November 30, 2022 at 10:45 am #672921
    JillyB
    Moderator
    • Topics: 0
    • Replies: 190
    • ☆☆

    Ive done some research and it appears that it is pro-rata for a short period and yet some of the questions I have looked at show a full allowance as it is classed as a FYA!
    I will get back to you on this when I have done some more research!

    November 30, 2022 at 11:11 am #672932
    justalittlelost
    Participant
    • Topics: 18
    • Replies: 29
    • ☆

    Okay. Thank you for the effort !

    December 4, 2022 at 1:14 pm #673329
    JillyB
    Moderator
    • Topics: 0
    • Replies: 190
    • ☆☆

    Struggling to find the answer. I’ve checked out the Hercules website too and struggling to find answers. Sorry

    December 5, 2022 at 9:55 am #673444
    justalittlelost
    Participant
    • Topics: 18
    • Replies: 29
    • ☆

    It’s okay, no problem. In most of the sums I’ve solved now the whole 130% is allowed so I think I’ll stick to that. Thank you for you time and effort!

    December 5, 2022 at 1:11 pm #673473
    JillyB
    Moderator
    • Topics: 0
    • Replies: 190
    • ☆☆

    Ok

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