Ending self employment, what should i do with my van?

smifferson

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!

Mildly_Miffed

Ask your accountant.

Car_54

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!

I am not an accountant, but ...

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.

Confusedlad

Google "writing down allowance cars" then follow the link to the gov.uk website. Read it. Depends on car type etc.