Hi,
I am a sole trader with about £18k annual turnover and using cash basis accounting I think on my self assessment tax return i.e recording actual sales and expenses as they are received and paid within the tax year. I don't use the mileage allowance but rather the actual motor expenses incurred in a year.
I've just sold my old van for £500 and bought a new van for £5000 by bank transfer, i.e without a loan or hire purchase.
My queries are:
1. When it comes to my next tax return, can I claim the full cost of the new van as an expense?
2. Do I treat the proceeds from selling my old van as if it is money from a client?
3. In other words, can I claim £4500 as an expense for the new van, minus the income from selling the old van?
4. Do I need to adjust the £4500 figure for my personal use, which is usually about 10% of the total annual motoring expenses.
Thank you very much for your help!
Adam.
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