SOLE TRADER CAPITAL LOSSES

Posted by peter1952 PM | on Thu, 27/01/2011 - 13:28 608 2 comments | report

A sole trader owns a taxi business. He has 7 vehicles which are rented to drivers. Following an accident, one of the vehicles has been written off and disposed of by his insurers. At the time of write-off the vehicle has a WDV of £7740.00 Can I treat this as a loss against his trading income? I appreciate your advice.

Comments

There are 2 comments. Login or register to view them.

Treat as sold

neileg | Thu, 27/01/2011 - 14:14

Perfect! Thank you

peter1952 | Thu, 27/01/2011 - 14:46