What are the deemed proceeds?
I'm having a 'blonde' moment!!
I have a client who is a private hire driver and he has been claiming capital allowances on his car. At the beginning of the 2011/12 tax year has a WDV of around £6000.
During the year he gave the car to his girlfriend (and transferred logbook etc.) for free and rented a car for the remainder of the year.
Obviously there is a disposal to be dealt with, but do I claim the remaining balancing allowance of £6,000 seeing as the proceeds are nil?
Or is there a problem due to the car being given to his girlfriend? My gut feeling is that I need to deem the proceeds at market value or WDV???
Any answers would be appreciated.
Thanks in advance
- Dividend and pension with no salary 73 1
- Accountex Exhibition 123 1
- You know you're an accountant when... 1,454 45
- Private use for Small hotel owner: historic rules 106 1
- Help with small charity CT600 please!! 142 1
- Vat on solicitors charges 173 5
- Career change - how to get relevant experience? 1,045 11
- Late leaver notification 169 4
- A little bit of politics 467 6
- Could i ask for a bit of help please. 286 6
- Filling in my self assessment 686 14
- Should small companies be audited? 981 41
- Mileage claim restriction 366 3
- Self Assessment employed and self employed 154 1
- Overlap profit 573 15
- What does PITA mean? 443 9
- career 348 2
- Help required please 472 10
- Skype treating businesses as private consumers; no VAT invoices 463 1
- Help - ACCA uk practicing certification forms 231 3
- Sanzar 454
- Digital marketing focus group 377
- Sage troubleshooting for employee who has previously claimed SMP 345
- Continuity Agreement 290
- Are commercial mortgage cashbacks subject to Corporation Tax ? 278
- Sainsbury's mangement 268
- Buyback 266
- Avanti Accounts 254
- Entrepreneurs' relief (ER) for EMI shares 201
- Iris and Miicrosoft 365 174