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07 October 2014
Issue: 4472 / Categories: Forum & Feedback , Business , Capital allowances , VAT

Allocating capital allowances between two businesses

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My client is in a partnership that produces films and videos. This is mainly for corporate events and weddings etc. The partnership has been operating for only 12 months and I am getting ready to prepare the first trading accounts.

Since it started trading the partnership acquired and purchased cameras and video equipment. Some of this was previously owned by the two partners individually and one of them has continued to undertake specialist video work personally which has been invoiced outside the partnership.

For some of these “private jobs” he has used the same equipment that the partnership is now using.

My question is whether the individual partner can claim capital allowances in respect of that equipment as well as the partnership. Should there be...

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