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Car Business Asset - Capital Allowance Question
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nxdmsandkaskdjaqd
Posts: 871 Forumite
Hopefully I will try and articulate my question correctly.
I have a car as a business asset. At the start of the year the car had a Tax Written Down Value of £3000. In March the car was sold for £4700. In addition, the car has not been used for the last 12 months for any business purposes.
I believe that my tax liability will be £4700 - £3000 = £1700. This £1700 I will declare on my Tax Return as a negative Capital Allowance of £1700.
Am I correct in my method?
Thank you.
I have a car as a business asset. At the start of the year the car had a Tax Written Down Value of £3000. In March the car was sold for £4700. In addition, the car has not been used for the last 12 months for any business purposes.
I believe that my tax liability will be £4700 - £3000 = £1700. This £1700 I will declare on my Tax Return as a negative Capital Allowance of £1700.
Am I correct in my method?
Thank you.
0
Comments
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That would be correct. The (negative capital allowance) balancing charge is £1700 less, of course, any private use element that you may have employed in previous capital allowances claims.0
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