Claiming tax back on a van?

Discussion in 'Car and Van Talk' started by dvddvd, Jul 3, 2018.

  1. dvddvd

    dvddvd Well-Known Member

    I'm thinking of buying a new Van to replace my old one.

    Im thinking of spending £5000, I'm self employed and do my own books without a accountant.

    I pay only £1000 or so tax every year I believe you can claim back the cost of the van? But if I'm paying £1000 tax a year what happens to the other remaining £4000 I could not claim back on the cost of the van? Can it be split over 5 years, Any help welcomed thanks
     
  2. Astramax

    Astramax Well-Known Member

    Your tax office will be best to advise you on what you can claim, depreciation costs also play a part as well as insurance, road tax, fuel, servicing/repairs etc. You will only get a percentage allowed on the cost of the van not the 100% cost.
     
    KIAB likes this.
  3. KIAB

    KIAB Well-Known Member

    Annual Investment Allowance for tools, vans,etc,assets purchased by a business.

    https://www.gov.uk/capital-allowances

    It's a minefield what you can & cannot claim,agree with Astra see your tax office.:)
     
  4. Astramax

    Astramax Well-Known Member

    I have always found the tax people to be very helpful.
     
  5. rogerk101

    rogerk101 Well-Known Member

    If you have another vehicle for personal use, then you should be able to offset all expenses for the van against your tax obligations ... fuel, maintenance, repairs, tyres, MOT, road tax, insurance, depreciation, etc. Alternatively you could just claim a per mile price, whichever is more interesting. If you're only paying £1000 tax per year, then the depreciation and insurance alone should bring your tax liabilities down to £0.
     
  6. goldenboy

    goldenboy Well-Known Member

    I think you can carry it over into future years.
     

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