Hello,
I completing my 2015-16 tax return and looking for some advice regarding the purchase of a van.
I am self employed and bought a van for approximately £10k during the tax year, then soon afterwards had and accident and broke my hip. I was therefore unable to work for much of the year and consequently my income did not reach my personal tax allowance. Therefore If I include the van purchase on the tax return using AIA I will not benefit from the capital allowance. Is there a way to more effectively use this capital expenditure in subsequent tax years? For example could the van be written down over several years?
Many thanks for any advise, Neil
Replies (11)
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Yes - you don't have to claim AIA or you can make a partial claim.
The balance is carried forward and can be claimed at 18% of the balance remaining at the beginning of each year.
Since you've been much more polite than most, the answer is that you can claim as little or as much as you want. Remember to restrict whatever you claim for private use (if any).
I would suggest that you seek some advice regarding your expenses as you may have HP on the van that you are not claiming, or claiming incorrectly. The queries you originally made have made me suspect that you could be missing something and a small firm of accountants could provide their services cheaply for a sole trader.
I suspect just having a bit of fun having discovered how to find users' real names :)
Seriously, though, it is something that AW need to deal with as a matter of urgency.