md 600 driver
27th Feb 2003, 07:33
the hm gov has informed me that the new writedown allowance for helicopters is 6% now
helicopters are now a longterm asset
has anyone any knowledge of any higher allowances being given
i am shorly appealing to the tax commisioners and any info would be usefull
when you buy a new helicopter 10 percent of the cost must go in sales commision/costs and it must lose at least 10% value in the first year if the IR only give 6% everyone must be 14%at least down
also the 6%allowance is allowable each year [ as a longterm asset ]
if you bought a helicopter for 1,000,000 you could claim 60,000 in the first year however if you sold it for 800,000, now as a long term asset you would claim 60,000 this year and 60.000 next yearand so on ,[not as the old way of working out the tax ,you would show that loss in that tax year] and so on untill your 200,000 loss has been used up
i hope you can understand my ravings putting pen to paper has never been one of my strong points
please this is to uk tax payers as other countries do it different
heliport feel free to edit so it can be read easier
REMEMBER THIS WILL AFFECT EVERY HELICOPTER IN THE UK AND ULTIMATELEY YOU.
if you wish to reply to me privately send a pm all information will be kept private if required any info is good info
helicopters are now a longterm asset
has anyone any knowledge of any higher allowances being given
i am shorly appealing to the tax commisioners and any info would be usefull
when you buy a new helicopter 10 percent of the cost must go in sales commision/costs and it must lose at least 10% value in the first year if the IR only give 6% everyone must be 14%at least down
also the 6%allowance is allowable each year [ as a longterm asset ]
if you bought a helicopter for 1,000,000 you could claim 60,000 in the first year however if you sold it for 800,000, now as a long term asset you would claim 60,000 this year and 60.000 next yearand so on ,[not as the old way of working out the tax ,you would show that loss in that tax year] and so on untill your 200,000 loss has been used up
i hope you can understand my ravings putting pen to paper has never been one of my strong points
please this is to uk tax payers as other countries do it different
heliport feel free to edit so it can be read easier
REMEMBER THIS WILL AFFECT EVERY HELICOPTER IN THE UK AND ULTIMATELEY YOU.
if you wish to reply to me privately send a pm all information will be kept private if required any info is good info