Selling Material?

L

lmk

Well-known member
Joined
Feb 14, 2011
Messages
482
Reaction score
0
I'm a bit unsure if this is your area Bettertax, but as a scaffold company we obviously received some tax relief when investing in scaffold materials which is usually depreciated at around 20% per year for tax returns. My question is, would we then become liable for tax over and above the norm if we sold it?
 
Yes, again, its not really our sphere and it could well fall into capital gains tax perimeters. If you're running a business, I would have thought you'd have an accountant, so really, they should be able to advise you.
 
Think u find that if ur vat registered when u sell it u have to put vat on top of the sale as ud av previously claimed it when u bought the gear, but i always thoight that after 3 yrs the assest wasnt liable anymore due to depreciation etc.
 
Yeah, I kinda thought that as well SP or else why bother depreciating it in the first place. I assume it will just be taxed as normal income from there.
 
Thanks for your suggestions, I'm guessing SSS has got the best tax reducing strategy. Apologies for straying away from your sphere Bettertax.
 
Hey, no problems! The point of asking anything on a public forum is to hopefully get down to the right answer.
 
You must log in or register to reply here.
Top Bottom