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Sale of assets

JodieRJodieR Experienced MentorRegistered Posts: 1,002
Client purchased a trading business and paid a £5k lump sum for all machinery, including a van. 6 months later the van had to be scrapped and he got £300 for it. I don't have a breakdown of what the £5k was for and I don't think Im going to get one - any ideas on how best to show the gain/loss on the van?

Comments

  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,440
    Just go with a sensible estimate. You may choose that this was the £300 scrap value or a little more. Don't forget to put the proceeds in the Capital Allowances.
    Regards,

    Burg
  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,431
    Parkers or other car valuation website may be a good start?
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