Hey everyone!
so I have a chauffeur business and I'm the only employee. my customer intend to be driven in a new plate vehicle. which I'm having to change my car twice a year in March (e.g 17 plate)and September (e.g 67 plate). my question is would the depreciation value difference would count as a loss and would be deducted from profits?
e.g I buy a mercedes s class in March 17 for invoice figure of £59,000 exc vat. in September I change my car and my car would value at £39000 exc vat. would the £20,000 be counted as a loss?
I would request if any one who can help me to understand this make their answers simple as possible. thanks
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