.png)
.png)
Shutting up shop
My client’s year-end has been 30 April but because the client has recently ceased trading the final accounts ran from 30 April 2009 to 8 December 2010.
In the year ended 30 April 2010 the client spent £661 on a capital item. At this stage he did not anticipate giving up his business and nor did he consult me on the implications of giving up until he had actually ceased trading.
My question concerns the capital allowances treatment of the capital item. Does one still bring the expenditure into the pool in which case you effectively get the same result as an annual investment allowance even though my understanding is that one is not entitled to this in the last chargeable period of trading?
Can Taxation readers give advice on dealing with capital allowances claims in the final period of trading.
...Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
