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Where Taxpayers and Advisers Meet

Self Assessment

simonbarber7
Posts:1
Joined:Mon Jan 08, 2024 6:57 pm
Self Assessment

Postby simonbarber7 » Mon Jan 08, 2024 7:07 pm

Apologies if this question seems basic but i am VERY new to this!.
I am a sole trader and have prepared my books for my accountant. This is my 1st year of trading as a gardener and my turnover is below my personal allowance limit.
My accountant has asked for all receipts including the one relating to the purchase of my van which is only used for business purposes.
My question is, will i be able to claim back the full value of the vehicle or just a proportion of it.
Any help is greatly appreciated.
Thank you

GARDNER4
Posts:72
Joined:Wed Aug 06, 2008 3:41 pm

Re: Self Assessment

Postby GARDNER4 » Tue Sep 03, 2024 5:45 pm

Hi, If the van is solely used for the purpose of business, then you can claim Capital Allowances for the value of the Van and claim the 100% expenses for the running of the van, however if you use the van for private purpose then take an estimated guess say 30% pte and 70% business purpose for all the van expenses.

wamstax
Posts:2027
Joined:Wed Aug 06, 2008 3:39 pm
Location:Operate Nationally but based in Aberdeen
Contact:

Re: Self Assessment

Postby wamstax » Tue Sep 03, 2024 5:48 pm

No point in claiming capital allowances if your turnover is below your personal allowance limit. Keep it till you start making decent profits
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact (mob 07751720507) can be obtained from websites


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