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DIFFERENCE BETWEEN DEPRECIATION CODE 4027 AND WEAR & TEAR

Posted 12 November 2013 under Tax Questions



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What is the difference between tax code 4027 on the personal tax return and wear & tear under claim against travel allowance?

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TaxTimTaxTim says:
12 November 2013 at 11:26

The 4027 is for small items such as laptops and equipment used for work purposes and can be used for your vehicle if you are travelling for work purposes. The depreciation on the travel allowance is for the vehicle used there. If you have a vehicle then you would take the value and depreciate it over 5 years for the travel allowance and do not put it under the source code 4027.


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