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  • Capital Allowances Claims

    If a capital allowance for a car used by a sole trader is unclaimed in one year (due to taxable income being below the personal tax threshold) can this allowance be carried forward to the following year? Also if a car is disposed of can a balancing allowance be claimed if there is a residual amount left when disposal proceeds are deducted from the carrying amount and can this also be carried forward if not claimed in the year it occurs? Thank you
  • Personal Leases for the Self Employed

    Please can someone tell me if personal lease payments are tax deductible, if the car is used for business purposes? For example if I pay £2400 in the year on a personal finance lease and my business mileage on the car is 50% of total mileage, can I claim £1200 as an expense against my income? Thank you