Can anyone help with capital allowances?

I am unclear how to account for sale of assets on a tax return for a business that's ceased to trade

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Specifics are as follows:

Small Partnership self employed VAT registered business ceased to trade. So assets were sold off.

Sale of main pool assets (multiple items) for a net total of £4407.67

0050 nominal sitting at £11896.01 (total for multiple items)

Accumulated depreciation is £8713.36

Creates a profit on disposal of £1225.02

Main pool writing down allowance carried forward from tax year ending 31/03/18 - £1329

I am unsure how to account for these figures in both the closing down accounts and on the partnership tax return boxes 3.17-3.23

Can anyone help clarify please?

Replies (6)

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By zebaa
22nd Jul 2019 20:40

If it is selling stuff, then it has not ceased trading.

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Replying to zebaa:
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By SpeedyGirl755
22nd Jul 2019 20:55

No longer selling stuff, this was capital assets sold off when business ceased to trade its business to public. Everything that could be sold was sold off, other items scrapped. Business closed down and gone completely now.

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RLI
By lionofludesch
22nd Jul 2019 21:44

What's nominal code 0050 ?

How are we to know what software you're using ?

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Replying to lionofludesch:
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By paulhammett
23rd Jul 2019 07:21

Looks like the default Sage fixed asset code for Motor Vehicles.

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Replying to paulhammett:
RLI
By lionofludesch
23rd Jul 2019 09:39

The arrogance of Sage users is unbelievable.

They cheerfully quote nominal codes without even mentioning that they're using Sage.

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Replying to lionofludesch:
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By SXGuy
23rd Jul 2019 10:31

lol that did make me laugh, it does appear as though sage users seem to think its the be all and end all, of accounting packages.

My wife was the same, a management accountant, always quoting nominal codes like they were gospel in the accounting sector.

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