Sale of assets

JodieR
JodieR Registered Posts: 996 Beyond epic contributor 🧙‍♂️
edited June 18 in AAT member discussion
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

  • burg
    burg Registered, Moderator Posts: 1,425 mod
    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
  • MarieNoelle
    MarieNoelle Registered, Moderator Posts: 1,303
    Parkers or other car valuation website may be a good start?

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