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Ending self employment, what should i do with my van?
smifferson
Posts: 28 Forumite
in Motoring
Hi all,
I was wondering if anyone had experience with ending their self employment and selling a vehicle.
Last year I purchased a van for £11995 plus vat and my accountant claimed it against my tax owed and I got a rebate of £1800.
However since then I have got a PAYE job and no longer need the van. My question is, if I sell the van, and I will be selling it for less than I purchased it for , (probably £9500 no vat)can this be used against my final tax bill? Confused as im presuming my accountant used 100% capital allowance on it already.
Hopefully that makes sense.
Cheers!
I was wondering if anyone had experience with ending their self employment and selling a vehicle.
Last year I purchased a van for £11995 plus vat and my accountant claimed it against my tax owed and I got a rebate of £1800.
However since then I have got a PAYE job and no longer need the van. My question is, if I sell the van, and I will be selling it for less than I purchased it for , (probably £9500 no vat)can this be used against my final tax bill? Confused as im presuming my accountant used 100% capital allowance on it already.
Hopefully that makes sense.
Cheers!
0
Comments
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Ask your accountant.4
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I am not an accountant, but ...smifferson said:Hi all,
I was wondering if anyone had experience with ending their self employment and selling a vehicle.
Last year I purchased a van for £11995 plus vat and my accountant claimed it against my tax owed and I got a rebate of £1800.
However since then I have got a PAYE job and no longer need the van. My question is, if I sell the van, and I will be selling it for less than I purchased it for , (probably £9500 no vat)can this be used against my final tax bill? Confused as im presuming my accountant used 100% capital allowance on it already.
Hopefully that makes sense.
Cheers!
If you did claim 100% allowance, then isn't the van now valued on your books at zero? So you sell it you'll make a £9,500 (taxable) profit?
Best ask your accountant.0 -
Google "writing down allowance cars" then follow the link to the gov.uk website. Read it. Depends on car type etc.
0
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