Self employed catering trailer

liliana82

Hi all,
An self employed bought a catering trailer second hand. The sale is on a piece of paper not a proper receipt, can he claim capital allowance on it and can be recorded as an asset. How do i depreciate it as is no rule of depreciation. Also bought stock and had other expenses previously before starting trading how do i record them in accounts and can he claim millage expenses for that?
Thank you.

douglasstroud

As long as other evidence of the transaction can be shown then a written paper receipt would not be a problem.
Depreciate on whatever policy the business wishes to adopt.
Include all pre-trade expenses as having been incurred on day one that the business starts to trade.

liliana82

Thank you so much!