Negative Capital Allowance

Posted by The Adding Machine PM | on Thu, 15/09/2011 - 10:00 2718 16 comments | report

Year 1 - Purchase low emissions car for £13500 with 100% FYA. Claim £13500 CA with no other assets in pool. Balance is nil.

Year 3 - Sell car for £9000. Balance in pool is -£9000.

I understand that small balances in pool can be written off, but what about a negative balance? Is the £9000 written off or is it added to trading profits?

Comments

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Balancing Charge

Mr_Flibble2 | Thu, 15/09/2011 - 10:18

Good grief ...

Old Greying Accountant | Thu, 15/09/2011 - 13:01

.

blok | Thu, 15/09/2011 - 14:07

follow the epsilons!

Old Greying Accountant | Thu, 15/09/2011 - 14:44

Deeply embarassed!

The Adding Machine | Thu, 15/09/2011 - 16:55

No apology

thisistibi | Thu, 15/09/2011 - 18:23

Agree with Thisistibi, but ...

Old Greying Accountant | Thu, 15/09/2011 - 20:35

tax position

The Adding Machine | Fri, 16/09/2011 - 10:02

Tax comp

Monsoon | Fri, 16/09/2011 - 10:15

Not as such ...

Old Greying Accountant | Fri, 16/09/2011 - 10:46

You've got to get up early...

Monsoon | Fri, 16/09/2011 - 10:54

I'm OK ...

Old Greying Accountant | Fri, 16/09/2011 - 11:08

Thanks. The world makes sense

The Adding Machine | Fri, 16/09/2011 - 11:18

OGA

Monsoon | Fri, 16/09/2011 - 12:53

"Good grief Rickenbacker!"

Bob Long | Wed, 21/09/2011 - 11:25

rickenbacker!

two sheds | Wed, 21/09/2011 - 11:36