I am just about to launch my business as have a query on an expense/capital.
I have purchased a bus for £24k that will go down as capital expenditure and will claim under wda.
I have spent a further £24.5k having a company modify the bus for me.
I would like to put the £24.k modification as en expense as currently im a sole trader and use this to offset against my profits for this year.
Reason i wish to do this is i have a normal job and im very close to the higher tax bracket plan would be if possible for this tax year to offset against profits meaning i would need to make £24.5k before i start needing to pay tax on earnings however my accountant has advised i need to put both the vehicle purchase and modification down as capital.
Can i do it the way i have said and is this the best method?