how do I calculate capital allowances for my tax return

[Cyber]

Hi. I have been self employed for 17 years and used an accountant for my tax returns. This year the profits are very low, less than £1000 and I am closing the busines, so I am attempting to do my own tax return online.
Could anyone please help on how to calculate the capital allowances for the tax return.
My accountant did it online last year and answered Question 24-Other capital allowances = £560

No new equipment this year to add to the allowance so I think I only have to calculate the depreciation but not shue how to.

[Clare@InTouch]

Hi. I have been self employed for 17 years and used an accountant for my tax returns. This year the profits are very low, less than £1000 and I am closing the busines, so I am attempting to do my own tax return online.
Could anyone please help on how to calculate the capital allowances for the tax return.
My accountant did it online last year and answered Question 24-Other capital allowances = £560

No new equipment this year to add to the allowance so I think I only have to calculate the depreciation but not shue how to.

Capital allowances are different to depreciation. You'll need to calculate the depreciation in the accounts, but it's then disallowed for tax purposes. Instead, you have capital allowances, which are like depreciation only calculated differently!

To start, you'll need a copy of the CA computation from last year. If you don't have it, ask your old accountant for it. Once you have it, and know the values b/fwd, you can calculate this year.

You'll need to go careful if this is your final year too, as there may be balancing allowances/charges.

Also, ask your old accountant if there are any overlap profits to consider (assuming you're self employed, and not limited).

[Cyber]

Capital allowances are different to depreciation. You'll need to calculate the depreciation in the accounts, but it's then disallowed for tax purposes. Instead, you have capital allowances, which are like depreciation only calculated differently!

To start, you'll need a copy of the CA computation from last year. If you don't have it, ask your old accountant for it. Once you have it, and know the values b/fwd, you can calculate this year.

You'll need to go careful if this is your final year too, as there may be balancing allowances/charges.

Also, ask your old accountant if there are any overlap profits to consider (assuming you're self employed, and not limited).

Thank for your speedy reply.
I have a b/fwd value of £2320 am I right in saying the CA computation is 20%

[Clare@InTouch]

Thank for your speedy reply.
I have a b/fwd value of £2320 am I right in saying the CA computation is 20%

Probably, as long as its normal equipment. There are different rates for cars and long life assets.

Is this your final tax return? Do you still own all the assets?