A client made an investment in a company in the previous financial year in exchange for the promise of increased revenue.
This did not work out and they ow wish for the investment to be written off as worthless.
I do not know if any Capital Allowances were made in the previous year as another accountant did the accounts.
My question is, how do i write this off in the accounts? is this considered as an expense and added back for tax purposes, assuming that capital allowances were previously claimed or is this allowable for some sort of tax relief.
Thanks
This did not work out and they ow wish for the investment to be written off as worthless.
I do not know if any Capital Allowances were made in the previous year as another accountant did the accounts.
My question is, how do i write this off in the accounts? is this considered as an expense and added back for tax purposes, assuming that capital allowances were previously claimed or is this allowable for some sort of tax relief.
Thanks