...
Ta for that...
So it's a little help then. :\
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Reply to: 100% Tax Relief on IT Purchases
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Previously on "100% Tax Relief on IT Purchases"
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Guest replied
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Guest repliedRe: ...
Assuming taxable profits without purchasing computer equipment £30000, corporation tax would be £4750
Same taxable profits £30000, less £5000 purchase of computer equipment, corporation tax on £250000 would be £3562.50
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Guest replied...
Being a numpty and steadfastly refusing to learn how all this crap works (otherwise why would I hire an accountant?!) - break this down for me:
If I spend 5 grand on a PC - how much would it *really* be costing me, presuming a turnover of about 60k and profits of about 30k?
....there must be an easier way to do this crap....
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Guest repliedRe: tax relief
Cheers peeps.
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Guest repliedRe: tax relief
You can deduct the 100% tax capital allowance from the profits before calculating the corporation tax.
You still have to make the claim for the capital allowance on the CT600 (Company tax return).
ITAccounting Online - Truly Interactive Internet Accounting
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Guest repliedtax relief
You calculate profits and tax without the relief then fill in the right bits of your ct600 to get the deductions
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Guest started a topic 100% Tax Relief on IT Purchases100% Tax Relief on IT Purchases
This 100% Tax Relief on IT Purchases.
Do I calculate my corporation tax and then knock off the cost of my new PC, or, do I knock the cost of the new PC off of company profits and then calculate the corporation tax?Tags: None
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