We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Self Assessment Expenses - damaged goods
Options
AMO53
Posts: 6 Forumite
in Cutting tax
Hi,
Trying my best to complete my self assessment tax return.
I am self employed selling goods to individuals but can't work out how I account for the value of damaged/out of date goods which I can't sell on?
I'm using the cash based accounting route and their initial purchase costs to me is about £200 which I've listed as an expense along with other items purchased but is that it? Or is their loss covered in another way? I would have earned £400 from their sale.
Any help appreciated.
Trying my best to complete my self assessment tax return.
I am self employed selling goods to individuals but can't work out how I account for the value of damaged/out of date goods which I can't sell on?
I'm using the cash based accounting route and their initial purchase costs to me is about £200 which I've listed as an expense along with other items purchased but is that it? Or is their loss covered in another way? I would have earned £400 from their sale.
Any help appreciated.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards