van

[buckley plumb]

I need a bigger slightly newer van how do I put this in my books and what can I claim and how

 

[Chalked]

Are you vat registered.

 

[Ray Stafford]

It depends on two things:

1) How you acquire the van (ie contract hire, lease purchase, outright purchase etc) and
2) What legal structure you are using (ie sole trader, ltd company).

Presumably 2) is already decided - but have you decided on 1) yet?

Edit - sorry - should also have picked up on the VAT issue! A third point to consider.

 

[buckley plumb]

Are you vat registered.

no mate

 

[buckley plumb]

It depends on two things:

1) How you acquire the van (ie contract hire, lease purchase, outright purchase etc) and
2) What legal structure you are using (ie sole trader, ltd company).

Presumably 2) is already decided - but have you decided on 1) yet?

Edit - sorry - should also have picked up on the VAT issue! A third point to consider.

sole trader ray looking at vans about £3000 purchased outright or is better to have on loan (can intrest be claimed back

 

[kris]

Hi buckley. Do u do your own books or are u just starting , alot of folks do own books. I do mine but use an accountant at end of year and he keeps me right on any querries i have on expendeture and van purchases. A good accountant will save u ££s and advise but a bad one will cost u ££s

 

[Chalked]

If you can afford to purchase it outright, do so. I you had a loan, you can claim tax relief on the interest, but you are Still paying interest.
you can claim tax relief on depreciation, best ask your accountant about how much. None of this will be claimed until your year end.

 

[buckley plumb]

Hi buckley. Do u do your own books or are u just starting , alot of folks do own books. I do mine but use an accountant at end of year and he keeps me right on any querries i have on expendeture and van purchases. A good accountant will save u ££s and advise but a bad one will cost u ££s

do my own books mate and take to tax shop for them to do end of year input

 

[lame plumber]

might be wrong, but as I know the workings of some of these tax shop enterprises (my unqualified son set one up online and ran it ok a while back), they will just run your accounts as exp. v income and keep it as simple as possible. A decent accountant will cost a similar amount and actually try and get you the best deal possible ussing hmrc protocols and better methods of accounting. Case in hand , just did my own year end accounts and worked out my profit and hence tax owed, passed on the books to my accountant who reduced my written down profit by several thousand and reducing my tax burden by a couple of grand, all perfectly legally for £350 costs, which is also tax deductable win win