• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

PQ Awards Nominations

Please help us to win one of the PQ Magazine awards and send in the voting form >>
You can nominate us in any or all of the following categories: Online College of the Year, Study Resource of the Year, Private Sector Lecturer of the Year, and Accountancy Personality of the Year.

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

Corporation tax when you sold VAN

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Corporation tax when you sold VAN

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • September 14, 2021 at 5:22 pm #635747
    meekate
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Hi

    Limited company year end 31 Dec every year.

    If I brought van 2,000 on 1/1/2019 and depreciation 25% reducing balance
    At 31/12/2019, I claimed this van full capital allowances 2,000 in company tax return CT600.

    At 31/12/2020 van net book value was 1,125 and same days 31/12/2020 sold van for 2,000.
    So, Gain on sale of this van in year end account is 875.

    Question>>>
    How much ***corporation tax (in tax return CT600)*** need to pay for Gain on sale of this VAN?

    Is it 875*19% or 2000*19%?

    Thank you very much in advance.
    K

    September 15, 2021 at 11:33 am #635773
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    You need to go back to the lectures and study notes as your question indicates that you have not understood the basics of either the capital allowances system or the computation of a chargeable gain which is nothing to do with the accounting treatment of an asset sale.
    Are you working through the lectures and study notes?

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • tobimillz100 on Activity Based Costing part 1 – ACCA Performance Management (PM)
  • omarcham on IASB Conceptual Framework – Introduction – ACCA Financial Reporting (FR)
  • Iby2012 on Introduction to Financial Accounting – ACCA Financial Accounting (FA) lectures
  • Iby2012 on Introduction to Financial Accounting – ACCA Financial Accounting (FA) lectures
  • ANISH1903 on Outsourcing, shared services and disruptive technologies – ACCA Strategic Business Leader (SBL)

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy