Due to my type of business (therapies), I required artwork for my office for business purposes. How should I classify this in FreeAgent? I could select ‘Capital Asset Purchase’ - but then I need to choose the asset life (which maxes out at 7 years). It’s likely to last longer than that… Is this the correct course?
Presumably I’ll save the corporation tax of this outright (as a loss)?? I don’t claim VAT as therapy is VAT exempt.
Secondly - I am buying a company car (100% electric car). Do I also select Capital Asset Purchase for this? Again, will this instantly be registered as a loss and save the corporation tax (even if I select 7 years)?