Sale of assets

JodieR

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?

burg

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.

MarieNoelle

Parkers or other car valuation website may be a good start?