Claiming Residual Value of Business Van in One Accounting Year?

Maharishi

Hi there, I am 99% certain that, before he retired, my accountant told me that at some point I could claim the full value of my van (used solely for my business).

I have had it 8 years and it is old - 2004 plate - and so probably not worth much now in my capital pool.  I have not claimed the 18% WDA every year because my gross income has been so low that there has been no point; I have had zero tax liabilities without claiming the WDA and so I have not done so during those years.  In my mind, I think he mentioned a figure of £1000 or less but I am really hazy amd Google has been no help whatsoever.

Of course, if my business continues to do badly, it's a moot point but I would like to know and, if so, where it would be entered on the return ...  Thanks.

Jeremy535897

The rule you refer to is called "allowance for small balance of unrelieved expenditure", and applies when your pool (including the van) is written down to less than £1,000, at which point you can claim it all if you choose in box 24 of SA103S.

Maharishi

Jeremy535897 said:

The rule you refer to is called "allowance for small balance of unrelieved expenditure", and applies when your pool (including the van) is written down to less than £1,000, at which point you can claim it all if you choose in box 24 of SA103S.

Thank you so much.  That is indeed the phrase that I heard (now that you have reminded me).  I thought that it was vehicle only so, being the whole pool, it's going to be longer before that level is reached as my pool is currently circa £2400 and, being 66 in June, I may well call it a day before that bridge needs to be crossed ...

Again, many thanks to you; I am obliged.