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tax of plate

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youbeenbusy

Post subject: tax of plate

Posted: Sun Jan 10, 2010 9:35 pm

Joined: Thu Jun 14, 2007 8:32 pm
Posts: 392

If a hackney plate is bought for X amount can it be tax deductable ?

and if the L.A deregulated could the amount paid for the plate be a tax loss ?

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Sussex

Post subject: Re: tax of plate

Posted: Sun Jan 10, 2010 9:41 pm

Joined: Wed Sep 03, 2003 7:30 pm
Posts: 55917
Location: 1066 Country

jon wrote:

If a hackney plate is bought for X amount can it be tax deductable ?

and if the L.A deregulated could the amount paid for the plate be a tax loss ?

If it's properly receipted anything can be tax deductible.

And if your 'asset' that you paid, say, £40,000 for suddenly isn't worth a carrot, then that loss is equally deductible.

In my opinion.

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cabbyman

Post subject:

Posted: Mon Jan 11, 2010 12:22 am

Joined: Sun Oct 16, 2005 12:07 am
Posts: 2596
Location: Hampshire (HC)

As it's an asset it is on the capital side of the balance sheet, not revenue. Therefore, I believe that any losses on sale would be dealt with under capital gains tax rules.

As with many of these questions, ultimately the correct answer is 'see a good accountant.'

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