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James Styles
Cleanitup God
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
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֍Winp®oClean֍
Cleanitup God
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.
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Comfortably Numb!
High-Tower
Cleanitup God
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
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Cookie
Cleanitup God
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.
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Stoots
Cleanitup God
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
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Question about tax