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Where Taxpayers and Advisers Meet

Business vehicle part exchange and its replacement

strawbs
Posts:1
Joined:Sun Jan 14, 2018 9:11 pm
Business vehicle part exchange and its replacement

Postby strawbs » Sun Jan 14, 2018 9:36 pm

Please could I possibly ask for assistance with the following query.

A van with a WDV of £2,204 as at 5th April 2016 was used as part exchange at the end of June 2016 and valued at £800.

Please could I check how this should be reported on the 2016/17 Tax Return?

A new four year old Ford Transit van, primarily for business purposes, was purchased at the end of June for £13,142 with the previous vehicle used as part of the deal.

With regard to the new vehicle, this has been purchased via a finance deal over 60 months.

Can the Annual Investment Allowance be used in this situation?

Thank you.

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