As of the end of March Milk Quota no longer exists so we have a negligible value position.
My question relates to what can we do with the loss if the quota is in a company?
Is it possible because of the class of asset that it is, to set the loss against the trading income of the accounting period?
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Usual answer - it depends
Would you like to provide some more information?
sorry settings changed to daily update not immediate!
Milk Quota is i understand an incorporeal heriditament and was either allocated when first introduced years ago, or bought from other farmers since then.
My client moved their dairy farming side to a company at the then market value of £100k. In the company accounts it is an intangible asset which was being amortised, just not amortised enough before quotas disappeared!
Now that quotas have been cancelled they have no value so the quota is going to be written off in the 30th April 2015 accounts.
My question is what can i do with the loss other than use it against gains in the same year and later years?
You still haven't provided the vital information
Hint: 1 April 2002
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