Seminar 5: Capital Allowances Flashcards
1
Q
When is capital expenditure not deductible
A
when calculating trading profits
2
Q
What 2 things are in the main pool
A
- plant and machinery
- cars with emissions less than 50g/km
3
Q
What is the WDA for main pool
A
18%
4
Q
What 2 things are in the special rate pool
A
- features of a building (electricity)
- cars with emissions over 50g/km
5
Q
What is tax written down value
A
the reminder value of a pool that is carried forward
6
Q
What is the first year allowance
A
gives 100% write off to any new item
7
Q
What 4 items qualify for FYA
A
- zero emissions car
- machinery for use in refuelling cars
- zero emissions goods vehicles
- charging points for electric vehicles
8
Q
What is the annual investment allowance
A
first £1m can be written off at 100%
9
Q
What item never qualifies for AIA
A
cars
10
Q
What items qualify for AIA
A
plant and machinery
11
Q
When can a whole balanced be claimed as an allowance
A
when it is less than £1000 before WDA
