Self employment expenses

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  • #23324
    musd
    Participant

    A customer is allowed by HMRC a sum of £2586 per year over a four year period a ‘capital allowance’ for the vechicle that he purchased.

    Should this be an expense for benefit purposes or not.

    Any information greatly received.

    #11969
    Kevin D
    Participant

    HBR 38 applies.
    new.hbinfo.org.com/menu2/hbregs06/038_06.shtml

    [b:e06317b8d8]Para 5(a)[/b:e06317b8d8] completely disallows any capital expenditure (see below for an exception for LOANS).

    However, under [b:e06317b8d8]para 6[/b:e06317b8d8], repayments of LOAN capital is allowed as an expense, but only in the limited circs stated.

    Hope this helps.

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