Selling capital items where do I enter the sale

[stapler]

Hello
I have sold some of my tools and equipment (lathes etc) and bought better ones to do the job. Where do I enter the sale proceeds ? do I just add it to my income ? because if I do this it pushes me close to the VAT threshold which I am currently not registered for as my turnover has not been high enough up to now. Some of the equipment was purchased a few years ago and I have been reducing the value by 20% and it is now just under £1000. However some machines I sold were only purchased in 09 and 2010 so I claimed the AIA for the full amount.

[RAL]

You deduct the proceeds from sale of assent from the their tax written down value. If there is no tax written down value (after claiming capital / annual allowance) then it is a balancing charge. You enter this figure in capital allowance area of self assessment form. I do not remember the box number (I think it is box 25 for balancing charge (short form)), have a read on this help notes.

http://www.hmrc.gov.uk/worksheets/sa103s-notes.pdf

[stapler]

I think it is box 25 for balancing charge (short form)), have a read on this help notes.

Hello Ral and thanks for that

I have bookmarked that helpsheet for future ref and yes it is box 25 where I enter the sale proceeds. I am so relieved, I thought it can't be right to push my takings up in this way, I have been doing it wrong in the past but only with small-ish amounts so I can live with that.

I also noted on the helpsheet that I can claim the full allowance for the older items as the balance is now below £1000 (small pool) so that is good

Many thanks
Jan

[RAL]

I am glad to be help.