Basis Periods for Capital Allowances Flashcards
1
Q
What are capital allowances deducted from?
A
Profits, done before opening year rules applied
2
Q
What happens when an accounting is less or more than 12 months?
A
AIA and WDA is scaled up or down
3
Q
What is never time apportioned?
A
The FYA at cars with zero emissions
4
Q
What is not available in final period of trading?
A
FYA, AIA, WDA
5
Q
What happens to balancing adjustments?
A
Will arise on cessation
6
Q
What happens to additions in the final period?
A
Added to relevant pool, then disposal proceeds are deducted to find the balance
7
Q
What if net balance is positive?
A
Balancing allowance arises
8
Q
What if net balance is negative?
A
Balancing charge arises
