Accounting for lost/ stolen towers

[Rossi fan]

Hi all,

I would be grateful to know how you account for these losses. I have had a spate of them in the last few weeks. 1 stolen machine and two trashed ones, which effectively are now for spares. Are they declared as current value. I.e, take depreciation into account if machine was 3 years old, or is it replacement cost.

For product losses, I always use the cost of the product and not the retail.

Thanks for your help,

Paul

[Rossi fan]

Thanks everyone.

[sadler2886]

Hi all,

I would be grateful to know how you account for these losses. I have had a spate of them in the last few weeks. 1 stolen machine and two trashed ones, which effectively are now for spares. Are they declared as current value. I.e, take depreciation into account if machine was 3 years old, or is it replacement cost.

For product losses, I always use the cost of the product and not the retail.

Thanks for your help,

Paul

I'm sure my accountant told me that every mc you purchase is written off against tax so in affect you have already claimed for the mc. when you purchase another mc to replace it that too will be written off against tax. I use a figure of 40p per pot for lost stock.

regards
rich

[Coin Operated Group]

Yes I seem to remember the same .

[PGBrew]

Capital purchases are not written off in your accounts, but can be 100% claimed against tax liability. lost stock/machines/money can also be claimed against tax liability. Call it twice if you like!

[Rossi fan]

Thanks Pete. How would you value a 3 year old stolen tower and stand, full of stock, or money.

Cheers,

Paul

[Rossi fan]

Thanks Pete. How would you value a 3 year old stolen tower and stand, full of stock, or money.

Cheers,

Paul

Just spoken to my Accountant. I can right it off against tax, but it has to be new value, less depreciation. a 3 year old tower and stand are written off at £100 + stock at value.

Cheers all,

Paul

[PGBrew]

Paul,

I would value as follows:
Stand £35, machine £90, stock £30 total £155. figures are based on replacement cost and do not change year on year as worn parts are replaced under maintenance, which is a overhead cost. This way there is no depreciation on my fleet.

Pete

PS how's the back?

[Coin Operated Group]

So don't you claim the tower as a cost when purchasing ? Bit confused here.