Loss due to theft
honada
Registered Posts: 28 Regular contributor ⭐
Hello
Could I report loss due to theft as an expense on a subcontractor self assessment. Appreciate your help and advise.
Thank you.
Honada
Could I report loss due to theft as an expense on a subcontractor self assessment. Appreciate your help and advise.
Thank you.
Honada
0
Comments
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And bonus question: was it covered by the insurance?1
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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 They have been replaced by purchasing new tools gradually.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.
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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 you0 -
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.Regards,
Burg1 -
I would value everything that was stolen and claim it as a loss (expense)
Ryan0 -
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.
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Please follow the advice given by burg and mrme89!0
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Enjoy, and answering your earlier question, no the items have not been claimed as capital allowance or as a revenue deduction.0
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