Read each question carefully and select the answer you think is correct (do your working to determine this as necessary). Once you have made your selection check if this is correct.
Stanley runs a retail clothing store and acquired a small lorry at a cost of £30,000 on 6 July 2021 for use in this business, which is classified as a small business and adopts a 5 April year end. What capital allowances can he claim for the year? He made no other purchases during the year.
£5,400
£4,050
£30,000
£5,400
£1,800
Osprey & Co is a small firm of solicitors who have decided to invest in some new computer equipment. Their expenditure for the year comprised: Computer hardware £20,000 Software licences £16,000 Rewiring office £10,000 New partitions £12,000 The re-wiring was necessary to accommodate the new computer system. The new partitions are fixed and designed for privacy around the area where confidential processing takes place. The sum qualifying for capital allowances is:
£16,000
£30,000
£46,000
£58,000
£36,000
De-pooling is allowed/required for which of the following assets?
Short life assets and assets with private usage
All cars and short life assets
Assets without private usage element and short life assets
Assets in the year of sale
Patents that are purchased to be used for trading purposes are pooled together and written down at 25% per annum on a straight line basis.
True
False
Gwen runs a medium sized business and adopts a 5 April year end for her business profits. She has a single plant and machinery pool with a written down value at the start of the year of £20,000. If she acquires assets of £52,200 on 6 October (not 100% FYA assets) that apply to the same pool, and has no disposals, what will her maximum allowable capital allowances be for the tax year?
£55,800
£12,996
£3,600
£52,200
Carla runs a large business and has a single main pool of plant and machinery with a written down value of £167,127 at the start of the year. She makes no acquisitions or disposals related to the pool in the year – what are the maximum capital allowances she can claim?
£30,082
£13,370
£167,127
Joe has a written down value of a main pool (no additions or disposals in the year) of £137,129. What is the LOWEST capital allowance he can claim for the year?