How to show Loss on sale of assets

How to show Loss on sale of assets

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I have a loss on the sale of assets but am unsure how to complete the CGT section of the SA properly.

The assets were m/v and I have the cost and proceeds figures. But as I have already claimed wd allowances on them how do I treat these.

Thank you

Replies (4)

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By johngroganjga
16th Jan 2014 12:51

This is nothing to do with CGT.  If these are assets on which capital allowances have been claimed the disposal is dealt with through the CA computations.

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By User deleted
16th Jan 2014 13:12

Just to be pedantic

There may well be a capital loss, but the loss restricted by the amount of capital allowances available. In practice, this of course means that there is no allowable loss.

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By David Franks
16th Jan 2014 19:29

This question is worrying on so many levels. Are you doing this for yourself or charging someone for tax preparation?

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Replying to ireallyshouldknowthisbut:
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By lindad
18th Jan 2014 02:17

Thanks

No I wasn't charging someone for tax preparation. It worried me also, I just completely confused myself when I looked at the SA form and for some reason I thought I had to fill out the CGT section. I knew it wasn't right but I just couldn't figure it out. 

As soon as I read your reply I realised exactly and it made sense.

Thank you for your response and hopefully I won't get side tracked again.

Linda

 

 

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