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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 3 years 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?

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