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James Styles

  • Posts: 377
Question about tax
« on: May 10, 2019, 03:07:30 pm »
I was wondering if I decided to get a van in a few months to help with my business if I can claim it as an expense on my tax return next year along with fuel, spotless water, equipment etc

֍Winp®oClean֍

  • Posts: 1688
Re: Question about tax
« Reply #1 on: May 10, 2019, 03:13:43 pm »
Yes. You can claim in whole under Annual investment allowance. You claim for the percentage of "business use". I wouldn't advise claiming 100%, 95% max.
Comfortably Numb!

High-Tower

  • Posts: 250
Re: Question about tax
« Reply #2 on: May 10, 2019, 03:15:31 pm »
Yes you can claim, but depends how/what you buy.

https://www.gov.uk/expenses-if-youre-self-employed/travel

Cookie

  • Posts: 928
Re: Question about tax
« Reply #3 on: May 10, 2019, 05:40:48 pm »
I purchased a two year old van last tax year and I'm going 80/20 (80% business use & 20% personal use). It's not only the van purchase price that's 80/20 it's also the van insurance, fuel, breakdown cover, repairs, MOT etc... etc... I'm putting the van down as a capital allowance on my tax return.


Stoots

  • Posts: 6211
Re: Question about tax
« Reply #4 on: May 10, 2019, 07:40:19 pm »
Yes.

but you might be better off buying it personally and claiming the 45p a mile.

would depend on a lot of factors including depreciation, finance costs, mileage, servicing etc etc but worth doing the maths.

I have one van i own personally and claim the mileage and a truck i bought through my company (i am ltd though)

Ask your accountant if you have one, although that said id rather do the math myself mines not very helpfull