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Self Assessment Expenses - damaged goods
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I am self employed selling goods to individuals but can't work out how I account for the value of damaged/out of date goods which I can't sell on?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I am self employed selling goods to individuals but can't work out how I account for the value of damaged/out of date goods which I can't sell on?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.
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