Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: KINGAKNAA on July 02, 2010, 02:53:50 pm
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After much ado and searching I've picked up my van, and what a nice van it is too. I went for the 1.3, its a 56 plate and only 15000 miles on the clock, it was worth hanging on for!
So my next question is....what can I claim in tax, I am not VAT registered so obviously I cant claim that part of the purchase price
Cheers.
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u can claim all the money in one go or apreciation over the years, all depends on turn over
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40% of purchase price in 1st year can be offset against tax, 25% 0f written back value each year after
or
40pence per mile from date of purchase, which can work out better value
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i thought you could claim it all back in your first year then nothing for the years after
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After much ado and searching I've picked up my van, and what a nice van it is too. I went for the 1.3, its a 56 plate and only 15000 miles on the clock, it was worth hanging on for!
So my next question is....what can I claim in tax, I am not VAT registered so obviously I cant claim that part of the purchase price
Cheers.
Well done - I've got the 1.3SX and it's on 19000 miles - you got side doors and how much did you pay?
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You can claim 100% as AIA (annual investment allowance) in this current tax year (so you'll not benefit 'till next year)
Or, you can still write it down over several years.
Depends on your circumstances really. If you claim any tax credits then I would use AIA 100% then you will get a lump sum back, as (unless you've made the purchase price more in profit) you'll have been underpaid for this year. Plus, next year your tax credit award will increase (providing the goal posts stay the same).
If you don't claim any tax credits & you would prefer your tax liability to stay similar year on year then it might be better to write the cost down over more than one year.
Hope that helps.
If you have an accountant, they'll tell you what's best for your circumstances.
If you're not vat registered then you obviously can't claim the vat back BUT the vat you paid is tax deductible, i.e. the FULL purchase price will be off set against your tax liability. ;)