Hi I have gone employed PAYE to a sole trader mid tax year (2018/19) and i am using the cash basis accounting as my money all comes in a service based business.
My question is how to account for the car I own? - as PAYE i received mileage allowance as I owned the car outright ( I claimed 10,000 miles at 45p), going forward I do need a car for business use but use a lot less miles probably 4000 per year & 4000 personal per year. The cars value is around £8000, insurance £400 and servicing and repairs were £1000.
Do I still need to use the mileage allowance system for the remainder of the tax year?
I'm I able to use the current value of the car as an expense? would I have to wait to the next tax year?
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