I am a self employeed gardener and handyman recently I had the van broken into and over £800 of tools stolen some of them such as a strimmer and hedge cutter where on the sheet as capital allowances. The others through my books as small tools. At the moment I have replaced a couple but others I have not and am making do without. How would I account for this on my books/ accounts? As kean to makesure its correct on my self assessment.
The tools which you have previously classed as assets will need to be removed from the asset account together with any related depreciation if you have depreciated them - they need to go the profit/loss on disposal of assets within the profit & loss account section of your chart of accounts.
Replacements tools, which are not showing as assets, will need to be entered on on the small tools renewals account on your chart of accounts.
The Capital Allowance tax treatment of assets capitalised will best be left to your Accountant to sort out at the end of the tax year.