Using write off loss from vehicle against trading profit

Accounting
1

We purchased a S/H vehicle to transport admin staff and kit between our two offices cost was £10,500. Purchase date was month 10. Write off ( engine went bang, repair cost was £10K+) was in month 7 of following year. Sold for £1,500 so loss was £9,000 !!

We made trading profits in both years. I would really like to offset the £9K loss against profits yet have been told depreciation cannot reduce CT. Is there a way I can do this?

2

This would be more of a question for your accountant as it’s about how you account for the capital allowances on your CT return, not how you record things in QuickFile.

3

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