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.
- Advertising with Hibu nee Yell (Yellow Pages) 185 3
- Auto-enrolment - Fees 277 4
- Self assesment losses 274 8
- RTI and s18 ITEPA 152 3
- Off site storage 75 1
- Increasing the personal allowance: A top priority? 1,069 42
- Garden studio - tax and VAT deductible? 111 1
- CT treatment of staff entertainment for overseas staff 94 2
- Is Accountancy Becoming like an Insurance Policy 525 4
- Joint Property rent 153 3
- Anyone know about Cloud-Based Practice Management Software? 199 6
- Now the phishers have baited their hooks with SAGE 242 1
- Fee protection 871 16
- Overdrawn DLA 263 9
- Disposal of an opted property 134 2
- Sage Bank Reconciliation 241 5
- Irish Taxation 97 1
- If I repay my Directors loan, will I haveto pay tax on the profit ? 3,138 31
- CIS monthly declaration 201 9
- Telephone call from "Xero" 379 4
- Xtuple 560
- Qtac payroll for bureau 384
- Confused - Professional Association a Mutual trader, or not? 335
- Industrial & Provident Societies 325
- Domain name sale and limited company 225
- Italian friend wants to set up a UK company to reduce taxes 206
- Director legal fees in loose connection to the company 204
- Investment 202
- Tax on damages received 173
- Multiple bodies and practicing certificates 160