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Capital Gains Query
col_b96
Posts: 6 Forumite
Hope this is the right section to ask this question
Self Employed.
I bought a protoype of something for £800, but never claimed for it as expenses, not entered it as an assett, so I guess it is a pesonal item
Happy with the sample, I bought a further 8 of these for 6400, and entered as asset in cap ex section.
This year I sold the prototype for 950.
So must I claim a 150 profit here - it's not capital gain, since it was not an asset? Or is it personal capital gain though arguable related to the business, but as it was worth less than 6000 do i still declare it?
Hope someone can clear this up
Self Employed.
I bought a protoype of something for £800, but never claimed for it as expenses, not entered it as an assett, so I guess it is a pesonal item
Happy with the sample, I bought a further 8 of these for 6400, and entered as asset in cap ex section.
This year I sold the prototype for 950.
So must I claim a 150 profit here - it's not capital gain, since it was not an asset? Or is it personal capital gain though arguable related to the business, but as it was worth less than 6000 do i still declare it?
Hope someone can clear this up
0
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