Is there a lower limit in value before you need to declare something as a capital allowance & not just a straight forward tax relief? (business expense)
Example.
I bought a power washer for 80 quid. It's use is split 50/50 between business & personal use (van & car)
So, I have a 40 quid business expense. Would this be capital allowance or would you just deduct from gross as with other expenses?
If it is capital allowance, is it to be claimed 100% in that year or written down over more than one tax year?
Anyone?