Hello, sorry to be a nuisance.... whilst VAT is my speciality, I am not too confident with my new husband's self assessment/tax return. (!)
He runs his own professional driver/private hire business and his one car is owned by him (via a bank loan).
I am doing his 2010/11 return. I rung his previous accountant for any capital expenditure balances brought forward on his car... she told me that as his profits before any car allowances had always been under the PAYE tax threshold (his actual trading profits for the last three years have only been about £4-5k each year) she has never used the car allowance and that the original £10k he paid for it is still 'sitting there'. However, my husband sold that car in the 2010/11 tax year for only £1500. The Accountant told me that for working tax credit purposes, and tax return purposes, that brings his profits for that year to 'nil'.
He bought another car, with a bank loan, in the same tax year, and in his books I have listed the 'finance interest' as expenditure.
My question is, where on the on-line self assessment do I enter the £8500 car 'loss'?
Any help would be gratefully appreciated. Thank you very much.
Please don't construe the following as advice for tax credit or even income tax purposes. I should think that these belong on page 3 of the self employment pages. Boxes 48 to 58 deal with Capital Allowances. Have a good read of the online guidance. Various factors such as date bought and sold, Co2 emissions, private use proportion will effect the amount claimable.
I keep threatening to get my g/f a dog like that. She used to have one called Snoopy.
