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  • Giving stock away

    I want to close one of my mini businesses. I've got 10 boxes of stock left. If I gave it to a charity shop does anyone know how I should account for it on my self assessment form (HMRC is doing the I don't know, I'll pass you on but no one phones back thing.)?

    One thought is can I come up with a value for the stock and count that as a loss? There is a box on the form saying losses.

    Another thought is if I come up with a value can the charity shop claim gift aid?

    And the third thought is how do I come up with a value? It's either £0 because I obviously can't sell the stuff, or is it what I paid for it, or is it what I was trying to sell it for?

    Thanks
    The Anna me
    (muttering crossly under my breath because the Annie me got rid 4 times as much without lifting a finger. It all happened naturally. Other traders pounced on my stuff.)

  • #2
    I would use the price you paid for it, add to your return as a charity donation and complete the shop form for tax aid

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    • #3
      Thanks. That is the conclusion I was coming to. I contacted the manager of my favourite charity shop but they haven't responded either. (Either - because I asked the taxman helpline who were hopeless.)

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      • #4
        Well, well, well, the advantages of being chatty. There was I at a fair, explaining that my prices were slashed as I was giving up and the lady was really nice so I carried on chatting and she got the whole story. So half an hour later it turns out she makes up shoe boxes for the Ebola orphans. Problem solved. I'm going to dump, sorry, donate, all my left overs into her shoe boxes. Problem solved. A lot of people happy.

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