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Car purchase and sale.
Forris
Posts: 366 Forumite
in Cutting tax
Hi,
last year I bought a vehicle for mixed business/personal use. The purchase was financed with a windfall. I put the money into my business account and made the purchase from there. Now, 6 months later, I have, for various reasons, sold the vehicle.
Can I offset the loss made on the sale against my tax return for 2007/2008, and if so how would I do that?
I do fill in a SA for, each year, but my business is services only, so I'm not nused to buying and selling. The vehicle was bought and sold in the same tax period. I am not VAT registered.
Thanks
last year I bought a vehicle for mixed business/personal use. The purchase was financed with a windfall. I put the money into my business account and made the purchase from there. Now, 6 months later, I have, for various reasons, sold the vehicle.
Can I offset the loss made on the sale against my tax return for 2007/2008, and if so how would I do that?
I do fill in a SA for, each year, but my business is services only, so I'm not nused to buying and selling. The vehicle was bought and sold in the same tax period. I am not VAT registered.
Thanks
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