Business Tax: Claim private usage for Capital Allowances - Sole Trader and Partnerships

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Business Tax: Claim private usage for Capital Allowances - Sole Trader and Partnerships

19th April 2018

IRIS Business Tax

IRIS Business Tax How to enter a private usage for Capital Allowances for Sole traders and Partnerships?

To claim private usage please do the following in Business Tax:

1. Go to Edit in the top left-hand corner
2. Capital Allowances
3. A- Maintain Assets
4. Insert Asset on the bottom right hand of this window or open the existing one
5. Enter the details of the Asset
6. Tick Motor Car Rules do not apply
7. OK and close the screen
8. Go to C-Maintain
9. Highlight the Asset
10. Click Change on the bottom right hand of this window
11. Enter the amount for private use (and if you want special rate then tick that)

NOTE: – HMRC RESTRICTION – YOU CANNOT CLAIM PRIVATE USE FOR A LIMITED COMPANY