Hi. Help appreciated please. Hope I am in correct section. Being 64 and semi-retired I sell fresh fish part-time 3 days a week and have bought a second hand refrigerated van for sole business use. I paid £5000+VAT of £1000. I have already claimed the VAT back as although I am below the VAT threshold now, when I worked full time originally many years ago I wasn't and remain VAT registered. My net profit is usually around £12000 pa meaning I pay either little or no tax depending on Personal Allowances - just Class IV N.I.
What is the most effective way to offset the cost of the van please. In the old days I would claim 25% p.a.WDA and then carry forward a WDV to following years but I believe this is no longer possible. The value of the old van reached zero a long time ago. The £100 I have received scrap value for the old van I presume I just add as 'other untaxed income'. Many thanks in advance.
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