DANIEL BAINES: Reduce your tax liability with wear-and-tear allowance for individuals
The period over which you claim the depreciation is entirely dependent on the asset, as each asset has a different write-off period
As an individual taxpayer, you are severely restricted in the deductions you can claim to reduce your tax liability. There are, however, a few lesser-known deductions and allowances that are available to you. One of these is the wear-and tear-allowance. The wear-and-tear allowance enables taxpayers to deduct, over a period, the amount that was paid for moveable goods purchased for work use. This results in a reduction of tax liability for the taxpayer. For example, if you buy a laptop to use for work, you can deduct the cost of this over a certain period to reduce your tax liability. However, you must be required to own a laptop for work and you must use the laptop regularly for work purposes. And you must have obviously paid for the laptop with your own money. This allowance is not restricted to laptops. Any moveable goods (for example books) you have bought that meet these requirements may also be used to reduce your tax liability. The period over which you claim the depreciation ...
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