The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
A short-life asset is an asset with a predicted useful life of less than eight years.
Certain assets are excluded from short-life asset treatment. These include cars and assets with partial non-business use. Expenditure within the special rate pool (integral features and long-life assets, see the Special rate pool and long life assets guidance note) is also excluded.
If a business acquires an asset and does not expect it to last for more than eight years, the business can make an election to depool that asset. The effect
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