Got something to say or just want fewer pesky ads? Join us... 😊

self assessment tax question



Bert365

New member
May 7, 2006
480
hey im self employed carpenter I purchase a van last June outright can I claim the whole thing as capital allowance or do I have the split it up over 3 years any advice would be gratful thank you guys
 






Sussex Nomad

Well-known member
Aug 26, 2010
18,185
EP
hey im self employed carpenter I purchase a van last June outright can I claim the whole thing as capital allowance or do I have the split it up over 3 years any advice would be gratful thank you guys

Do you not have an accountant? I'd have thought you may have being self employed. I can give you the name of mine although he is based in London.
 






Dont need an accountant. It is all tax deductable, but not all in the same year.

You will need to check with HMRC for the exact figures, but I think its something like 50% of the price in the 1st year, 50% of whats left in the 2nd and similar in the 3rd.

Just make sure when you sell it, you get a receipt for a tenner!
 


Gazwag

5 millionth post poster
Mar 4, 2004
30,093
Bexhill-on-Sea
Dont need an accountant. It is all tax deductable, but not all in the same year.

You will need to check with HMRC for the exact figures, but I think its something like 50% of the price in the 1st year, 50% of whats left in the 2nd and similar in the 3rd.

Just make sure when you sell it, you get a receipt for a tenner!

which is exactly why YOU need and accountant - completely wrong whether its the new rules or the old rules. :nono:
 


ILOVEBHA

Member
Jul 27, 2004
830
Shoreham By Sea
This is totally the wrong advice as vans are 100% deductable under the annual investment Allowance.
I know as i am an accountant and i always believe it is best to have an accountant on board so you get the best advice etc.
Dont need an accountant. It is all tax deductable, but not all in the same year.

You will need to check with HMRC for the exact figures, but I think its something like 50% of the price in the 1st year, 50% of whats left in the 2nd and similar in the 3rd.

Just make sure when you sell it, you get a receipt for a tenner!
 
Last edited:











Paying the bills

Latest Discussions

Paying the bills

Paying the bills

Paying the bills

Albion and Premier League latest from Sky Sports


Top
Link Here