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Capital expenses claim on massage chair - please help explain!
Hi have left this late I know but am trying to do my self-assessment tax return and hasve just realised that the massage chair I bougth is counted as capitial expenses not normal allowable business expenses.
First is this corect and secondly how do I work out what to deduct - have gone on HMRC website and stil confused so would be very grateful if anyone can help me out on explaining this one
Jan 25 2013 11:37AM
| i found the info confusing too as had bought a car and a computer
I rang the tax offfice and it was so simple
assume the chair wasn not over £1000 in whic hcase you put the whole amoutn in the AIA (first box) as you can claim full tax relief on the item
in the capital allowances the third box down is for any items you have previously bought that you have been depreciating ( this year i think 20% )which will be carried over from last year and the allowance for any other purchases this year at 20% you then carry over the remaining amount to next year
in my case 20% of th e car i purchased caryying over the rest to next year
as i have probably confused you more i should ring the tax office have your form open and jsut ask what to do
Jan 25 2013 11:50AM
|That is really helpful Thanks so much|
Jan 25 2013 12:47PM
|I've also found the tax office pretty helpful when I've called - I need to make at least one call each year when doing my self assessment!
Best of luck, and don't leave it too late. They get REALLY busy the weekend before the 31st :)
Jan 25 2013 4:42PM
|I bet they do! Thanks to you both|