I am self employed and operate under the VAT registered threshold. In 2015/16 i bought a van (2nd hand) for my business use. I got a personal loan to buy it out right. My question is how do i claim this as an expense on my self assessment return?
I use a simplified expenses, so flat rate for my mileage etc.
Does the total cost of the van go as a capital expense? or do i claim the monthly loan repayment (total or just interest part) as a monthly expense? Or do i just continue to claim the 40p per mile expenses?
Tried contacting HMRC but they just signposted me to some online guidance which didn't really answer my question and baffled me further.
Confused! please help!!
Thanks
BobMc
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