Anyone here familiar with Partnership Self-Assessment?

None of it. If you bought in November 2003, you would claim in 2003/04, or possibly 2004/05 if your partnership accounting year which includes the purchase date ends after 5th April 2004.

But yes, 25%.

Zero.

Or was the date of purchase 2002, rather than 2003?

Sorry, well-spotted. It was in fact bought in November 2002 and I amend my question accordingly.

So my amended answer reads:

"It depends on your accounting year end."

Our 2002/3 accounting year ended on 5th April 2003. The partnership was formed on 25th November 2002.

In message of Mon, 5 Jan 2004, San Tropez writes

Then you need proper advise from your Tax Adviser/Accountant. Not the various conflicting answers you might get in a public newslist.

DF

However, as the period of account is less than 12 months WDAs have to be reduced pro rata.

But remember there is no legal requirement to have your accounting period end on 5 April (not 31 March). It may be advantageous for you to choose some other date - especially since you have nearly 14 months of figures to choose from.

Under the old regime 30th April was *generally* the most favoured, as it gave the greatest potential tax saving. It can still be useful now.

Which period of account is less than 12 months?

You can claim up to a maximum of 25% for a full year so the 25% will be reduced to 25 November 2002 to 5 April 2003 rather than a year. You should only claim WDA to the extent that they would save you tax though.

I've just seen the other parts of the thread which answer that question!

I think you'll find that the only thing that has been incorrect is the original date given by the OP!

In message of Mon, 5 Jan 2004, Peter Saxton writes

Has anyone mentioned FYA? - No!

DF

Point taken. Yes, he could claim up to 40% FYA pro rata if it's a small business partnership.

According to someone at the tax office, I can claim 40% of the value of the asset in the asset's first year, even though the partnership has only existed for four months.

allowances.>> The

partnership

Yes. You're right, it's WDA's that are pro rata. Make sure you will actually pay less tax before claiming any capital allowances first though.

In message of Tue, 6 Jan 2004, Peter Saxton writes

As I said, be very careful about taking advice from a public forum. Take advice from your own qualified Tax Adviser or Accountant - it's worth it in the long run.

DF