I have a situation where a sole trader, a chauffeur is about to dispose of his expensive car which is held in a single asset pool. The prcoeeds will be far less than the tax written down value. As the business is not ceasing he cannot claim a balancing allowance.
In his tax return he has never prepared a balance sheet or incldued deprecaition is his PL. As the car is being sold at a loss, can he claim a loss on disposal in his PL accounts?