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Loss on disposal on SA100?

Where do I enter the amount?

Didn't find your answer?

Where on earth do I enter the loss on disposal of a motor vehicle on a self-assement tax return? I can only find the balancing charge box and nowhere to enter the loss - it's only £938 - do I just enter it as an additional capital allowance?

Thanks - have been working for 12 hours and may just be being thick..

 

Replies (19)

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By johngroganjga
05th Jan 2017 21:23

If you are referring to the capital allowances computation the accounting loss goes nowhere near it. You just enter the proceeds.

If you are referring to the profit and loss account, it's just an expense in the P&L which is added back in arriving at the taxable profit.

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By bunnysnap
07th Jan 2017 10:22

Thanks for the reply but that's my question,. I know how it's treated but on the software there is no option to enter a figure for 'loss on disposal' and no where to add it back - the only options are to add it into other allowable expenditure or claim it as an additional capital allowance.

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By Paul D Utherone
05th Jan 2017 22:09

Yes BA's are added to general WDA's

Presumably this is on a separate private use pool disposal

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By Tim Vane
06th Jan 2017 02:07

I agree with the OP. He is just being thick.

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Replying to Tim Vane:
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By bunnysnap
07th Jan 2017 10:20

I'm a woman. But thanks! As there is a separate page for calculating balancing charges, I assumed there would be a matching page for allowances. NO WDA's were claimed and there is no area to mark it as a loss on disposal. Maybe I'm overly concerned about transparency of entries reducing a tax liability..my bad.

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By Matrix
07th Jan 2017 20:15

Tim - there is no place in this forum for trumpisms like that and no one finds them funny.

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RLI
By lionofludesch
06th Jan 2017 08:15

Are we talking about a loss on disposal or a balancing allowance ?

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By bunnysnap
07th Jan 2017 10:20

Loss on disposal with no CA / WDA entered previously.

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By bunnysnap
07th Jan 2017 10:24

Loss on disposal - I am using the HMRC software and just can't see a box anywhere called loss on disposal :-(

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Replying to bunnysnap:
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By lionofludesch
07th Jan 2017 14:31

Stick it in with depreciation. Then add it back as disallowable.

Stop faffing around.

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By bunnysnap
07th Jan 2017 18:29

One last faff...I'm getting mixed messages - a capital loss on disposal is allowable against capital gains only and not against taxable 'trading' income - right?

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Replying to bunnysnap:
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By lionofludesch
07th Jan 2017 19:03

Capital loss ? Against capital gains tax ?

You said it was a motor vehicle.

I ask again - do you mean the loss on the accounts, which needs to be added back, or do you mean the capital allowances balancing allowance ?

Do you understand the difference?

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Replying to lionofludesch:
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By bunnysnap
07th Jan 2017 19:40

My apologies , I'm not being clear here at all.

I understand the 'loss / physical amount of cash' gets thrown into the accounts to show the profit.

I understand that this has to be 'added back' in the same way as depreciation to come up with a taxable income figure.

We only had the Jeep for a year and a half and never claimed Capital Allowances as we never needed to, profits being below the personal allowance threshold.

Are you saying that I should add up these unused Capital allowances and then add in the extra figure that 'soaks up' the difference between the value of the CAs and the physical cash loss on the Jeep and this would be the Balancing Allowance?

Thanks for taking the time to reply, I haven't had to use this process for over 20 years and I am very rusty..

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By Matrix
07th Jan 2017 10:46

Surely such a loss would already have been taken account in computing the taxable profits so this figure does not need to be entered into a box of its own?

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By bunnysnap
07th Jan 2017 18:31

This is becoming more confusing! Are losses on disposal claimable against taxable income for self employment or not?

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By Matrix
07th Jan 2017 18:54

No you add back the loss in the same way that you add back depreciation since capital allowances are claimed instead. What entries have you made to date for this asset and why didn't you claim capital allowances?

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By bunnysnap
07th Jan 2017 19:28

Didn't need to - his profit was below the personal allowance threshold so we were just hanging onto them to use against future profits..

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By Tim Vane
07th Jan 2017 19:42

(Thud)

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Replying to Tim Vane:
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By bunnysnap
07th Jan 2017 19:47

Surprise? Disappointment? Or just balls finally dropping, Tim?

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