Hi, I have started to go through the last four years of our family business partnership tax returns (SA800). I notice that we have claimed less capital allowances through AIA than we spent. Is there a way I can bring this up to date? It's a small business and our total capital spend over the four years is about £50k, and we have only claimed around £30k in capital allowances. Can I for example add the missing £20k into this past year's (2016-17) tax return?
Can I for example add the missing £20k into this past year's (2016-17) tax return?
No. AIA is applicable to the year of expenditure only
How did you miss the expenditure?
How was it accounted for at the time? i.e. were other capital allowances rather than AIA utilised?
Are you certain that it is expenditure allowable for capital allowances.
If you are talking about those sort of amounts thats not insignificant so why has an accountant from a recognised body not been involved throughout the period.
If you do not have an accountant I would suggest talking to other local business owners and asking which accountant they use and would they recomend them. Personanally I would recommend all but the smallest companies to always use ACA or ACCA approved practices.
i.e. practices with either of these two logo's are badges of quality :
There are also other good quality accountants out there but those are what I would be looking for.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
