Theft of tools and no insurance

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Dottie
Dottie Registered Posts: 99 Regular contributor ⭐
in General accounting discussion
Hi

JUst having one of those moments......

Gardener client had his van broken into over the weekend and all his tools stolen and does not have any insurance as it would have been too expensive. Can I just show the disposal proceeds as zero in the capital allowances and claim the written down value brought forward?

Thanks

Dottie

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  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
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    Has he checked his public liability insurance. This sometimes covers some tools.
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
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    Dottie wrote: »
    Can I just show the disposal proceeds as zero in the capital allowances and claim the written down value brought forward?

    No, but you can claim 100% AIA on the cost of replacing all the tools.
  • Dottie
    Dottie Registered Posts: 99 Regular contributor ⭐
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    So the balance in the capital allowances pool just gets written off?

    Thank you for your help.
  • Poodle
    Poodle Registered Posts: 711 Epic contributor 🐘
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    Hi

    If the b/f pool is less than £1,000 then this, I believe, can also be written off under the new rules as well as the AIA?

    Poodle

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