Hi there
Just a few things about me, I run a small business and I'm a sole trader who uses cash basis on my taxes. I just have a quick question about a vehicle i sold in the previous tax year.
I recently sold my van for a sum of £700 which I had previously claimed as a capital allowance for £2200 on a previous tax return (2014/2015), I claimed 100 percent of this at the time. I was just wondering if the £700 would stand as a balancing charge on the last tax return I sold it on.
I have no other capital allowances on my tax forms, this is the only one since i commenced my business.
When I claimed the capital allowance of the van in 2014/2015 it didn't benefit me in any way for tax purposes as I was just starting out my business, does this make any difference to the balancing charge or am i still liable for the £700 on the previous tax return which I'm assuming I add as income on top of my total earned for the tax year I sold it in?
If I'm doing it completely wrong please say, my business is quite simple but need to get this balancing charge correct. I am paying taxes for my previous year so it would make a difference either way.
Any help would be greatly appreciated. Hope to hear from you soon.
Thanks
Chris
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