Capital allowances

[wendyhill28]

I purchased my car before I becam self employed as a sole trader. Can I use capital allowances against the car?

Thanks
Wendy

[pawncob]

Yes of course you can.

[wendyhill28]

Thank you. I wonder why my accountant didn't claim it for 2years. I now do my own self assessment!!!

Wendy

[robbob]

Hello wendy

Strange how you accountant would not make a claim - note the claim would not always show up on your typed accounts (the claim would show up on the cpital allowances box of the tax return) and also if you. are using the 40p/25p a mile claim method then you cannot make a claim for the capital allowances.
Normally the opening value for your first claim would be the market value at the date you started trading.