Loss due to theft

honada

Hello
Could I report loss due to theft as an expense on a subcontractor self assessment. Appreciate your help and advise.
Thank you.
Honada

MarieNoelle

And bonus question: was it covered by the insurance?

honada

My client's van where the tools are left overnight has been broken into and all gone. My client is a joiner and the tools are related to his line of business. They have been accumulated through his career. No depreciation accounting has been taken into consideration. The tools are not insured. They have been replaced by purchasing new tools gradually. So what I intend to do is list the missing tools, estimate the market value and deduct a straight line depreciation amount based on the information that my client will give me. Will that be acceptable?

Thank you for your help.

honada

So because I have not claimed capital allowance for the old tools therefore I will not be able to claim a loss for the value of such tools

OK thank you

burg

If I understand correctly then I would do the following:-

Give the tools a market value at date of introduction
Enter ready for CA's (only WDA's as froma related party)
Dispose of all items with nil proceeds therefore creating balancing allowances
Enter new tools as purchased and claim CA's where applicable.

RyanMIP

I would value everything that was stolen and claim it as a loss (expense)

Ryan

honada

Thank you all for your comments, so Ryan as I understand from your comment that is is acceptable to value the stolen tools and claim it as an expense as long as there is no insurance claim.

MarieNoelle

Please follow the advice given by burg and mrme89!

RyanMIP

honada said:

Thank you all for your comments, so Ryan as I understand from your comment that is is acceptable to value the stolen tools and claim it as an expense as long as there is no insurance claim.

You understand me correctly

Ryan

honada

Enjoy, and answering your earlier question, no the items have not been claimed as capital allowance or as a revenue deduction.