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
- duplicate 174 1
- Pension contribution 50 2
- What sectors to target? 473 24
- Self assesment online 723 8
- Refusing to complete a tax return 659 13
- Journals to Creditors Control 187 6
- Repayment of maternity pay 165 3
- HMRC Sends Derbyshire pensioner Doug Yeomans tax demand for £4.7 BILLION! 213 8
- The Copyright Licensing Agency 208 7
- waive right to dividend payment 110 3
- eBay trading 88 1
- Treatment of Asset Disposal for Tax Purposes 144 5
- Previous auditor threatening to sue our firm for unpaid fees 993 43
- Dissolved company with o/s corporation tax 302 7
- Has anyone experience of BPRA? 199 4
- AIA and WDA 138 5
- Companies House late filing penalties 3,231 106
- Is sideways loss relief per trade or all trades aggregated 78 1
- Pounds Shillings and Pence 1,430 40
- 31 Jan Procrastination Question: Computer Monitors 492 16
- Form MR01 (Particulars of a charge) - does this need to be filed if you remortgage with the same lender? 914
- Underpaid VAT assessment and relation to SATR 633
- Did you realise Google will not patch android exploit ... 589
- Latest phishing scam 561
- Cashback for opening business bank acct = trading income? 391
- Auto Enrolment Questions Answered 293
- Loan benefit after person ceases as director/employee 218
- Scratch Head 214
- Capital allowances in first basis period 201
- Sabbatical payments 187