van and tax

  • Thread starter Thread starter Deleted member 29624
  • Start date Start date
D

Deleted member 29624

Guest
Just wanted to know if when you buy a van can you offset it against your tax? when I need to put mine in im going to get an accountant but was just wondering so I know I got the right figure stashed away when the time comes
 
I don't know lol I think it depends on what you earn a year. Are you vat registered. Ect and all that s**t. I can remember my accountant saying to me that I should get a new van. So I did but don't know what way it worked out I just let him do his thing tbh that's what I pay him for
 
To get any kind of tax relief from a van purchase there are quite a few loops and hoops to jump through, you can offset some of the cost but not all however you can then off set depresiation of the van
Lodan said:
But can you claim on the actual outlay on the van
Click to expand...

If i remember right yes but not all of it. If you put your first van through your books you will have to wait at least 2 years before you can put another one through and get any kind of tax relief from it, you can however get tax relief from the depreciation of the value or summat like that anyway.
 
I've always claimed full cost of van. Now I claim full amount of lease purchase per month. Also claim all fuel. Never been pulled on it my brother is a chartered accountant, he showed me how to do my books and what I could claim for.
 
Annual investment allowance is up to 200k I think. You're supposed to offset it in the first year of the purchase but if you're only a 1 man band that would most likely, depending on what you spend, send your profits into -minus. Which never looks good. It is possible to spread that out over a few years though to save on hammering your profits.
 
Last edited:
20% a year they knock of my tax bill when i brought van. She said can't knock full money straight off bill has to be in stages aslong as I've got the van
 
You must log in or register to reply here.

Share this page

Back
Top