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Van purchase and the flat rate expenses

I am a self employed electrician wanting to know about a van purchase and claiming capital allowance

I went self employed last january i had a van but it packed in around march so i bought a used one for £7000 cash that i only use for work , my question is if i claim the £7000 against my profits as capital allowance can I use the flat rate of 45p per mile for claiming my expenses or do i just need to keep all my receipts and claim that way?

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13th Dec 2017 19:37

You can't claim expenses if you do all your work for free like the accountants on here.

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By jcace
13th Dec 2017 19:41

Hi Mick
You can't claim capital allowances on the van AND 45p per mile mileage

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By Mick123
to jcace
13th Dec 2017 19:52

Thanks i thought that , what would be the best way to go about it? Could i put the van through as anual investment allowance ?

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to Mick123
13th Dec 2017 20:08

Depends how many miles you do.

You have to work out the numbers and, even then, it'll depend on how accurate your estimates of future mileage, fuel prices, insurance, licence and repair bills are.

You may as well toss a coin.

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By jcace
to Mick123
13th Dec 2017 20:10

You can claim the cost of the van as AIA if you want, and then claim all van expenses going forwards. If you do claim the cost as AIA, you won't be able to go down the mileage route for this van in any of the following years, so it will be expenses all the way. So you'll have to weigh up the pros and cons. Also bear in mind that you don't have to claim the full £7K if you don't need to... any remaining balance can be carried forward and 18% of the remaining balance used the following year etc etc... If you do claim the full £7K, when you eventually sell it, the proceeds will effectively be taxable

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By Mick123
13th Dec 2017 20:26

I will roughly do 15000 miles a year so i think my best bet is to claim the AIA and then do i just keep all my recipts , fuel , ins , tax etc and just claim for them? Is that correct

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to Mick123
13th Dec 2017 20:32

You reckon ?

Your mileage claim would be around £5625 a year throughout your ownership of the van.

As opposed to a one off claim of £7000 + all your running expenses.

It's not as clear cut as you say.

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By Mick123
to lionofludesch
13th Dec 2017 20:42

Its a big van and nearly 8 years old i reckon it prob costs about 35p a mile to run and will prob need work on it every year , thats my thinking

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By Mick123
13th Dec 2017 20:30

Also I use my car at night to go and price jobs ( i have 3 kids so i cant use my van ) can i claim anything for using that? Thanks

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to Mick123
14th Dec 2017 08:29

You can claim 45p per mile for business miles if you use your car.

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to Mick123
14th Dec 2017 11:09

Mick123 wrote:
..... i have 3 kids so i cant use my van .....

Now there's a non-sequitor if ever I saw one.

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to lionofludesch
14th Dec 2017 11:39

I assume he means that the kids sleep in the van so he can't use it at night

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14th Dec 2017 10:17

I need new sockets in my house but I'm worried about overloading the circuit, can I get detailed instructions on how to add a new ring main at the box and once I've run the cable can you check it for me?

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14th Dec 2017 11:45

How many sockets?
If one, Just run a spur from an existing socket and stick a wet finger into it to check it's ok.
If more, find a spare fuse on the bus board and run a new 32amp cable from it.
(I do hate it when people are not concise in their enquiries)

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to memyself-eye
14th Dec 2017 11:52

The bus board is the bit on the front that tells you where the bus is going, right ?

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14th Dec 2017 18:26

Quite right - that's exactly where it is - unless you have seen Apollo 13....

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