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Universal Credit - Self Employed - Allowable Expenses

kingsroad
Posts: 5 Forumite
Hi
I have a few questions regarding being self employed on universal credit.
I need to buy a van but am struggling to find the best way to do it.
Millage/pence per mile does not work for me.
Is contract hire the only way to take the full payment off per month (if 100% for work).
If I use a personal loan or HP all I can deduct is the interest per month? (up to £500 per year)
I need to put everything through for expenses so the millage does not work - but its the buying off the van i am confused about .
1. I can buy a £1500 van but it can only be counted for the first month on UC thereafter all I can charge is the expenses for fuel/tax/repairs on the month they are paid.
2. Buy a more expensive van - How do I fun it to give me monthly payments I can count - eg - If my personal loan is £150 for the van and 20 is interest all i can count is £20 interest?
I am stumped as it seems I only have the option of an old van which is going to need more repairs or a contact hire .
If I am missing something please give me your input.:)
I have a few questions regarding being self employed on universal credit.
I need to buy a van but am struggling to find the best way to do it.
Millage/pence per mile does not work for me.
Is contract hire the only way to take the full payment off per month (if 100% for work).
If I use a personal loan or HP all I can deduct is the interest per month? (up to £500 per year)
I need to put everything through for expenses so the millage does not work - but its the buying off the van i am confused about .
1. I can buy a £1500 van but it can only be counted for the first month on UC thereafter all I can charge is the expenses for fuel/tax/repairs on the month they are paid.
2. Buy a more expensive van - How do I fun it to give me monthly payments I can count - eg - If my personal loan is £150 for the van and 20 is interest all i can count is £20 interest?
I am stumped as it seems I only have the option of an old van which is going to need more repairs or a contact hire .
If I am missing something please give me your input.:)
0
Comments
-
Run your business as a ltd.
Rules totally change, some will tell you of deprivation of capital, but in the real world a ltd will give you a fighting chance of success.0
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