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Books were sold in shop at ever reducing prices in closing down sale until nominal amount of unsaleable old stock remained. I still have some old unsaleable books.
Stock at start of last trading year was in accounts as £22,999. Plus VAT at £75 and cash at bank of £418. Stock gradually reduced over last year of trading with most going at Christmas 2011. I did not have accountant at end. Sales were included in books and counted as profit.
Stock was valued by physical stocktaking some years ago at purchase price and then simply brought forward each year. We have tried to sell remaining stock by word of mouth to other traders without success. Stock is basically valueless.
My wife and I are legally a partnership. We also have a civil engineering consultancy
I filled in three returns: on line wife and myself, and on line using software. Tax was paid in personal assessment with none on partnership. Can I include loss in self assessment year? My tax year this year is 1 October 2012 to 30 September 2013.
Thank you very much