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% Document Info
\author{mgxx2004 (mgrawahi)}
\pdfinfo{
  /Title (4-self-employment-income-and-capital-allowances.pdf)
  /Creator (Cheatography)
  /Author (mgxx2004 (mgrawahi))
  /Subject (4: Self-employment Income \& Capital Allowances Cheat Sheet)
}

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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{4: Self-employment Income \& Capital Allowances Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{mgxx2004 (mgrawahi)} via \textcolor{DarkBackground}{\uline{cheatography.com/197440/cs/45428/}}}
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  \vspace{-2pt}mgxx2004 (mgrawahi) \\
  \uline{cheatography.com/mgrawahi} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Not Yet Published.\\
   Updated 12th January, 2025.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{What are Capital Allowances?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Tax-deductible depreciation allowances are applied to assets, replacing standard depreciation charges, typically disallowed for tax purposes.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{What comes under Plant \& Machinery?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Not defined in the Capital Allowances Act 2001. Based on Yarmouth v France (1887), it includes any apparatus used permanently in a business (fixed or movable), excluding stock-in-trade.} \tn 
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\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{In what manner, are capital allowances calculated?}}  \tn
% Row 0
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\mymulticolumn{2}{x{5.377cm}}{Calculated on pooled amounts, not individual assets.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{What does the main pool consist of?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Includes general plant \& machinery, cars with emissions \textless{}50 g/km, factory machines, and office equipment. Zero-emission cars qualify for a 100\% first-year allowance and are not pooled.} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
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\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Small Pools of Plant and Machinery}}  \tn
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\mymulticolumn{2}{x{5.377cm}}{If a pool's Written Down Value (WDV) drops to £1,000 or less, the business can claim up to £1,000 as a Writing Down Allowance (WDA) to fully write it off.} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{How do Capital Allowances work?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{They function similarly to reducing balance depreciation, allowing a percentage of the remaining asset value to be deducted from trading profits annually.} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
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% Row 2
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\mymulticolumn{2}{x{5.377cm}}{{\emph{Note: if an asset is sold for more than its original cost, it may trigger a capital gains tax liability.}}} \tn 
% Row Count 7 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Expenditure deemed to be P\&M}}  \tn
% Row 0
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\mymulticolumn{2}{x{5.377cm}}{• Items attached to buildings (buildings may qualify for SBA; land does not).} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{• Computer software, thermal insulation, personal security assets, and integral features of buildings.} \tn 
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% Row 2
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\mymulticolumn{2}{x{5.377cm}}{} \tn 
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\mymulticolumn{2}{x{5.377cm}}{{\emph{Treated as Plant and Machinery.}}} \tn 
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\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{What does the special rate pool consist of?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Covers {\bf{"unusual items"}} like cars with emissions ≥50 g/km, integral building features (e.g., electrical, heating, cooling systems), solar panels, thermal insulation, and long-life assets (25+ years) with annual spending over £100k.} \tn 
% Row Count 5 (+ 5)
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\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Annual Investment Allowance (AIA)}}  \tn
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\mymulticolumn{2}{x{5.377cm}}{• £1,000,000 annual limit for Plant and Machinery (excluding cars).} \tn 
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% Row 1
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\mymulticolumn{2}{x{5.377cm}}{• Excess goes to pools; time-apportion if rates change.} \tn 
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% Row 2
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\mymulticolumn{2}{x{5.377cm}}{• Claim any amount up to the limit.} \tn 
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% Row 3
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\mymulticolumn{2}{x{5.377cm}}{• Disposal values subtracted from pools.} \tn 
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% Row 4
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\mymulticolumn{2}{x{5.377cm}}{• AIA usually covers everyday purchases, avoiding WDV pools.} \tn 
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\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Eligible Expenditure}}  \tn
% Row 0
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\mymulticolumn{2}{x{5.377cm}}{Capital Allowances (CA) typically apply to the following types of expenditure:} \tn 
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% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{• Plant \& Machinery.} \tn 
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% Row 2
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\mymulticolumn{2}{x{5.377cm}}{• Structures and Buildings.} \tn 
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% Row 3
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\mymulticolumn{2}{x{5.377cm}}{• Patent Rights.} \tn 
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\mymulticolumn{2}{x{5.377cm}}{• Know-How.} \tn 
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\mymulticolumn{2}{x{5.377cm}}{• Research and Development.} \tn 
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% Row 6
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\mymulticolumn{2}{x{5.377cm}}{} \tn 
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% Row 7
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\mymulticolumn{2}{x{5.377cm}}{{\emph{These represent the areas where businesses can claim tax relief through capital allowances.}}} \tn 
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\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\begin{tabularx}{5.377cm}{x{1.74195 cm} x{3.23505 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Writing Down Allowances \& WDV}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{A business can claim WDA for each pool (Main or Special Rate). The process involves:} \tn 
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% Row 1
\SetRowColor{white}
1.{\bf{Calculating WDV }} & • Start with WDV brought forward from the previous year. \tn 
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% Row 2
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 & • Add new assets at cost price (or market value if applicable). \tn 
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% Row 3
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 & • Subtract assets sold at their sale price, scrap value, or compensation received (if disposal value \textgreater{} original cost, subtract original cost). \tn 
% Row Count 14 (+ 6)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
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2. {\bf{Applying WDA}} & Deduct a percentage of the total WDV to calculate the new WDV. \tn 
% Row Count 17 (+ 3)
% Row 6
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 & • Main Pool: 18\% per year. \tn 
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% Row 7
\SetRowColor{white}
 & • Special Rate Pool: 6\% per year. \tn 
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% Row 8
\SetRowColor{LightBackground}
 & Adjust for chargeable periods shorter or longer than 12 months. \tn 
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% Row 9
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
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% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Optional Claim}}} \tn 
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% Row 11
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{It's not mandatory to claim the maximum WDA; unclaimed amounts remain in the pool for future use.} \tn 
% Row Count 27 (+ 2)
% Row 12
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\mymulticolumn{2}{x{5.377cm}}{} \tn 
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% Row 13
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\mymulticolumn{2}{x{5.377cm}}{Hybrid rates apply if the chargeable period spans different rates.} \tn 
% Row Count 29 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

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