Selling car

[auntym]

I have £1500 left to put 10% through from car as capital allowance for this yr. whih would make it £150 claim for this yr but am selling car - at a loss for £1000 am I right in the fact I can put £500 through as loss? Afew yrs ago when spoke to hmrc they told me that was correct but things change x

[Chatterbox Childcare]

Are you using your car for 100% business purposes? If yes you can claim the whole amount but if not you can only claim the business percentage - this should of been from when you first had the car and applies to all of your car costs

As to your question - when you sell the car you can claim more money back or pay depending on the profit or loss. eg if you are car is at £1500 and you sold it for £500 then the loss would be £1000 and this would go into your accounts and again you claim business percentage only

If however you sold it for £3000 and you wdb was £1500 you will have a balancing charge would be £1500 and tax would be charged on this

[auntym]

Yeh I dont use for either anymore if honest - it was 70/30 to business really but iv started doing a lot more by train and barely use for family either as big 7 seater and cost fortune to run so selling and getting family car.
Il go 50/50 on the sale so its £250
Loss as this would be more of an honest figure this tax year x