anna Adcock
Joined: 10/14/2024
-
Help with accounting for insurance payout for written off van in tax return
I bought a van in 2019 for work use. An accountant did my tax return that year and they put the whole value of the van (about £7,500) in my tax return as a capital allowance. The van was written off in 2023 and I received an insurance payout of about £5,500. I am confused about how to deal with this in my 2023-2024 accounts. I have tried google and the HMRC help pages but it seems unclear as to how i should treat an insurance payout. Can anyone help me please?