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My friend is finishing (retiring from) self employment and would like to keep the car which is owned by his business, how does he go about accounting for this on his self assessment form please? Thank you !!!

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I would get a valuation for it from a valuation guide, then compare that to the written down value for tax (WDA). If the car is worth less than the WDA he can claim capital allowances for the difference, if more he will have to pay a balancing charge.

 

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