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Posted Wed, 22 Nov 2023 17:21:16 GMT by
Hi I bought and sold a car for my driving school in same tax year. How would I submit these figures ? Do I have to submit 100% of car costs or can I split this. I also had to do the same in the following financial year (later in the same actual year) and fear this may get messy ? So lets say for example I sold for 1k And bought for 6k Thanks in advance for any help.
Posted Thu, 23 Nov 2023 16:07:27 GMT by HMRC Admin 10
Please have a look at the guidance for expenses if you are self employed.
(Expenses if you're self-employed).  
Depending on your accounting method, you may be able to claim capital allowances for the purchased car.  
If you had previously claimed capital allowances or revenue expenses for the car that was sold and you had claimed relief on the full purchase price, then the disposal would be considered profit and should be added to the turnover.

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