Disposal of asset

kilburn

Hey guys quick q on 2009 return

had a van twdv end of 2008 was 11000
sold in 2009 for 5200
Balancing allowance/charge 5800

how do i treat this in my return.
I calculated my accounts without including it copying the last few years.
Without the diposal of the van my liability would b approx 3000.

all above are approx figures any tips

J.Ryan

Write to the Revenue stating your mistake in 2006, 2007 & 2008 and they should amend the assessments to reflect the capital allowances you should have received.

Include the balancing allowance in the 2009 capital allowances

kilburn

I dont have any mistake that i know of.

Was just onto revenue self assessment and they couldnt tell me how to treat the balancing allowance in my return

J.Ryan

kilburn wrote: »

....I calculated my accounts without including it copying the last few years......

I misread that sentence, thats why I assumed there was an error in the earlier years

kilburn

oh no sorry i havent explained clearly, my apologises.
I have my accounts done and dusted and if i file in my form 11 now i owe for arguements sake 3000. But i have a balancing allowance on a disposal of an asset of 9500. Wondering how does this affect my liability, dont know what to do with it.

J.Ryan

The balancing allowance should be treated as a capital Allowance (W. & T.), it will reduce the assessable income.

kilburn

excellent thats a refund then. Thanks jryan if you are even in Limerick i will buy you a drink