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100% first-year allowance
If you are buying a new company car with a CO2 emission of not more than 120gm per kilometre, you can claim a 100% first-year allowance for its cost.
How do I add this into the system so that it adjusts my corporation tax accordingly?
How do I add this into the system so that it adjusts my corporation tax accordingly?
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Inappropriate?8bit,
We're doing a lot of work to depreciation and capital allowances at the moment - especially since at the moment they are the same and they really shouldn't be.
We'll offer some way of distinguishing between capital asset purchases of specific types once we've done that, which should take care of your car.
That should be no more that a few weeks away, so you could just enter the capital purchase for now and then take advantage of the new facilities when they're out to ensure your CT is spot-on.
As a matter of interest, how does your accountant propose the car should treated in your own accounts?
I’m confident
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