How to CLAIM Capital allowances on cars

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Capital allowances are a mechanism for providing tax relief for capital expenditure. • Relief is generally given in the form of a writing down allowance, although a first-year allowance is available for expenditure on new and unused zero-emission cars. Expenditure on cars does not qualify for the annual investment allowance or for the time-limited super-deduction or 50% first-year allowance available to companies. Capital allowances cannot be claimed where the simplified expenses system is used to pay mileage allowances. • Capital allowances for cars can be claimed by both unincorporated businesses and companies. They can also be claimed where the cash basis is used as expenditure on cars cannot be deducted under the cash basis capital expenditure rules. • Read more at https://truemanbrown.co.uk/local-acco... • #capitalallowances #motorvehicles #incometax #uktax #corporationtax

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