Can I claim stolen tools as a business expense?

Can I claim stolen tools as a business expense? Yes, replacing stolen tools is a business cost. On the cash basis, standard since 6 April 2024, you claim the new tools when you pay for them, and an insurance payout for the old ones usually counts as business income. Yes, if they are for the business. GOV.UK says equipment you keep to use in your business is an allowable expense under cash basis accounting, and goes through capital allowances under traditional accounting. Not on the cash basis, in our reading, because you already claimed what they cost when you bought them. Under traditional accounting, HMRC's manual lists permanent loss of possession of an asset as a disposal event for capital allowances. Usually, yes. HMRC's manual says that under the cash basis, insurance money received for an asset whose cost you claimed is a receipt of the business, reduced if you only claimed part of the cost. Under traditional accounting it is the disposal value of the old tools. Read the full answer, with every source, at rightotax.co.uk.