What should I do re capital allowances on cessation
The situation is this, company purchased a piece of plant in January, decided to cease trade later in the accounting year. I have entered it into the accounts but am unsure what's best for the capital allowances.
The directors have fallen out, one will keep the plant but we don't know which and at what value.
I don't know whether to leave the plant out of the capital allowances comp as it was purchased and disposed of in the same year or to put it in now and then take it out by filling out a later return to pay back the excess allowances - thinking at least they will get tax relief for the impairment.
I really can't get this wrong as there is another bigger accountant acting for one director who is breathing down my neck and checking everything I do!!! Doesn't do much for my self confidence which is not great at the best of times!
I am hoping someone can advise of what they would do?
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