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Van Purchase mid year sole trader tax year 2023-24
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1234_Clarke
Posts: 1 Newbie
in Cutting tax
I have been using simplified expenses for a car up until July 2023. I purchase a van for £13k in July 2023 and want to claim actual expenses on that. I know that I can use simplified up until I switched to the van. Should I enter the purchase price of of the van as a trading expense? and then claim the actual costs from July until the 5th April 2024?
Unfortunately the van had to be written off in June 2024 (following tax year) and I only received a scrap value sum of £1,800.
any advice would be appreciated!
Unfortunately the van had to be written off in June 2024 (following tax year) and I only received a scrap value sum of £1,800.
any advice would be appreciated!
0
Comments
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Is the van used 100% for business? Do you use the cash basis or accruals basis of accounting? Have you enough profit to absorb the cost of the van?0
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