Car fraud...tax implications
A client purchased a car from a seemingly reputable company via a bank transfer for £9,000. It seems she has been the victim of a scam , although she received an invoice the car and money seems to have disappeared.
She intended to use the car for business (with say 15% private use deduction).
If she never sees her money or car again how if at all should she treat the loss for tax purposes.
1. If we establish the car did exist could we claim £9,000 addition less disposal £0 = £9,000 balancing allowance then deduct private proportion.
2. If the car didn't exist , could we still claim the above treatment given the fact she had an invoice and purchased the "car" in good faith?
3. If not is their a specific deduction for fraud or any other way to get relief.
- RTI Annual Scheme 1,261 22
- Sole trade and vehicle leasing 305 8
- Mortgage extended on a rental property 74 1
- Is there a risk in helping overseas companies that have no intention of doing business in the UK 162 5
- CGT on sale of Spanish property 134 3
- VAT on leased double cabs 49 1
- Backdate C79? 122 1
- Having a Jan blank moment 127 4
- Strange result on filing very small trade profits 222 3
- Non sterling partnership profits, exchange rates and tax 87 3
- Incorrect CIS Invoices from Subcontractors 170 7
- Child benefit charge 785 13
- Contribution to charity as % of profit 226 12
- Paying 31 January 2015 income tax by instalments 1,034 17
- Self Ass. Return 320 5
- Start of letting business when property owner took lodgers prior to letting out 75 1
- Changed Company Year End - CT Penalty 280 11
- Splitting income from property rental or not? 373 9
- Furniture Holiday Let & Capital Allowances 206 6
- Do you lose losses on cessation 306 9
- Form MR01 (Particulars of a charge) - does this need to be filed if you remortgage with the same lender? 816
- Copy Wanted 539
- Underpaid VAT assessment and relation to SATR 489
- Did you realise Google will not patch android exploit ... 475
- Latest phishing scam 327
- Entrepreneurs' relief 306
- Supply teachers and Ltd Companies 277
- Corporate LLP with 30 June Year end - How to record on SA800? 268
- Cashback for opening business bank acct = trading income? 267
- Auto Enrolment Questions Answered 171