Van question

Mike3615

I'll try keep it short.

I got a lend of money to buy my van for my business, the money came from my father in law and i pay him back monthly.

My question is what options do i have when filling my tax return?

Do i just show the full purchase of 20k.

Thanks
Mike

  

[Deleted User]

If you are using the cash basis you can claim the £20000 as an expense of the business (less any private element). If not you can claim capital allowances (first year allowance) of the same amount. Don’t forget that, if you were to sell that van in the future, the proceeds will increase your income by the amount received.