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Posted Fri, 23 Feb 2024 11:59:24 GMT by campi82
In October 2023 I started job as a food delivery driver. I done my CBT and bought an electric moped. This month the moped was stolen. Do I put it as a capital loss? I bought it for £3000, and I was planning to claim it as a capital allowance and deduct the value from my profit. What happens when the vehicle got stolen? And second part of my question is; I bought an e bike so I could do some deliveries on the bike before I can afford to buy a new scooter. Can I claim flat rate expense on my e bike, but still claim actual expenses cost on my e moped that got stolen? Or once I've started using the actual cost method for my moped, do I need to continue using it for the bike as well?
Posted Thu, 29 Feb 2024 13:57:39 GMT by HMRC Admin 25
Hi campi82,
If you have claimed capital allowances for the moped and it is subsequently stolen, you have received tax relief for the moped.
You cannot claim losses as well, as you would be claiming tax relief twice on the same asset.
If you have claimed capital allowances for the moped and your insurer pays out for the theft, you would add the payout to your gross turnover as will offset the capital allowances claimed.
Thank you. 


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