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Posted Tue, 21 Mar 2023 13:43:21 GMT by waynegr Rowley
Afternoon all, Two partners, none VAT. If our profit was 40K, and we took out out 6K each. If our profit was 60K, and we took out out 18K each. How much tax would we pay on the 60K, would it be 20% on both after our 12K tax free thing ??? If so, why cant we just tell the taxman to 60K, is there a point in telling them what we take out each ??? Bought new van around 25K, bought with our private money, thus capital introduced. This is all in the books, but cos it was our personal money, can I claim that as an expense ??? But if I do, I have to put in 25K capital introduced, thus would not that counter the 25K for buying the van ??? Frances
Posted Fri, 24 Mar 2023 14:33:17 GMT by HMRC Admin 20
Hi waynegr Rowley,

We are unable to comment on scenarios.  
You can claim capital allowances for the new van.  
There is some guidance on this at:
 Claim capital allowances.

Thank you

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