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
- Taxfiler - SA100 - More efficient? 593 5
- See you all on the other side 674 6
- 12Pay 436 2
- dividends 586 2
- R&D 305 1
- Quarterly Reporting - The Logistics 1,163 17
- Auto enrolment contribution rates 432 3
- How long are you waiting for appeal reply 392 4
- Borrowing money to loan to company 361 1
- Mother as Guarantor for Son's mortgage 536 5
- Seeking a tax case 634 9
- When do we qualify for state pension? 493 4
- Companies house strike off 525 3
- Tax treatment of alterations to property 412 2
- Moving to the cloud 731 9
- Iris open space/doc exchange for SATRs 211 2
- How much to charge for payroll? 886 16
- Unincorporated charity transfer to CIO 204 4
- BTC vs Digita 1,087 29
- Has anyone tried calling HMRC to get tax on dividends put in code? 484 4
- HMRC Joint Filing 556
- Capital Contribution towards a company car 419
- Capital Reduction & Impact on EIS Shares 369
- IRIS and FRS 102 352
- Capitalising Finance Lease 319
- USA help 314
- National Minimum Wage issue on Directors joining a Workplace Pension 294
- Dormant company accounts under FRS 102 286
- Marginal rates of tax 274
- Capital gains on rental property 262