Hi. Hopeing someone can shed more light on this than I have gleemed from HMRC's website.
A client is selling his car....he has claimed back Capiltal Allowances to the value of 5650 over the last 3 years.
The purchase price was 13995 and the selling price is 7500
This leaves me with a balance of 845 as a balancing allowance.
as he isnt closing his business this cant be claimed against his profits so do I just roll this forwards and add it to the capital allowance claim of his next car?
My Calcs are as follows:
Sold - 7500 + Claimed in capital allowances 5650 = 13150
Purchase price 13995 less 13150 = 845
Fingers crossed someone can help.