Tax question reference van

maggiesmummy

HI,
I'm hoping someone can help - I just want to check some info on OH's tax return.
He is self employed and bought a van last year for the business, which he also taxed and insured. Just checking where it goes on the tax return - I know it's not an expense for the van - but are tax and insurance classed as that?
Any help gratefully received.
Thanks
Jneni

Regshoe

Tax and insurance will be classed as revenue expenditure not capital - so yes they will be an expense.

Although the Van is a capital item it will be eligible for the Annual Investment Allowance, so unless there are a lot of other items of capital nature you will be able to charge 100% of the value of the van anyway (less a percentage for any estimated private use).

maggiesmummy

Thanks for that - really appreciate it!
MM