[Crystal-clear]

I would get that knocked of my tax bill as an expense i guess? i would just add that to my other running costs right?

So say if that year i turn over £35k - 10k other costs ie canvassers,fuel etc +7k van thats 17k spent right so its 18k which i would be liable for?

i guess if i ever sell it which i wont for at least 5 years it becomes a capital gain or does it go back in as income?

[Stewart01]

It comes of your tax bill in segments over 3-4 years as it depreciates in price!!

[Sunshine/Cleaning]

If your turunover is £35k it would pay to get an accountant to do your accounts as they will save you more than they cost.

Your grasp of tax laws indicates you should not attempt self assessment.

[SherwoodCleaningSe]

Have a read up on Annual Investment Allowance, the law changed a couple of years back and you should be able to take the whole lot off of your profits in one year.  It would be a good idea to speak to an accountant first though.

Simon.

[♠Winp®oClean♠]

I would get that knocked of my tax bill as an expense i guess? i would just add that to my other running costs right?

So say if that year i turn over £35k - 10k other costs ie canvassers,fuel etc +7k van thats 17k spent right so its 18k which i would be liable for?

i guess if i ever sell it which i wont for at least 5 years it becomes a capital gain or does it go back in as income?

Yes, if you do it as AIA (annual investment allowance) or you can choose to write it down over a number of years.

You also have a relief of approx 7k which is tax free. (any profit above 7k is taxable)

[Sunshine/Cleaning]

If your turunover is £35k it would pay to get an accountant to do your accounts as they will save you more than they cost.

Your grasp of tax laws indicates you should not attempt self assessment.

Sounds a bit harsh that, sorry.

[Crystal-clear]

its only my 2nd year this year and i am still learning about all the tax breaks if it was 35k for this year id be bloody happy! but next year im hoping it goes up near that figure , but i am normally intouch with the hm guys , and after filling out last years tax return it all seems quite easy, just asked me to fill in my total cost and worked out my bill its all seemed quite friendly  

[Crystal-clear]

If your turunover is £35k it would pay to get an accountant to do your accounts as they will save you more than they cost.

Your grasp of tax laws indicates you should not attempt self assessment.

Sounds a bit harsh that, sorry.

Its ok mate!

[Crystal-clear]

Hell i know its quite a basic question and sometimes i do ask these kinda things

[♠Winp®oClean♠]

If your turunover is £35k it would pay to get an accountant to do your accounts as they will save you more than they cost.

Your grasp of tax laws indicates you should not attempt self assessment.

Sounds a bit harsh that, sorry.

You big bully!

[Sunshine/Cleaning]

If your turunover is £35k it would pay to get an accountant to do your accounts as they will save you more than they cost.

Your grasp of tax laws indicates you should not attempt self assessment.

Sounds a bit harsh that, sorry.

You big bully!

I thought it was Ewan!! 

[♠Winp®oClean♠]

If your turunover is £35k it would pay to get an accountant to do your accounts as they will save you more than they cost.

Your grasp of tax laws indicates you should not attempt self assessment.

Sounds a bit harsh that, sorry.

You big bully!

I thought it was Ewan!! 

I would have joined you!

[Paul Coleman]

Have a read up on Annual Investment Allowance, the law changed a couple of years back and you should be able to take the whole lot off of your profits in one year.  It would be a good idea to speak to an accountant first though.

Simon.

I don't know if I understood him correctly but my accountant reckoned that this didn't apply to vehicles.  However, no harm doing it for the system if your advisor reckons it's OK.  Of course, the OP may prefer to receive the tax relief over several years rather than in one hit.

[Crystal-clear]

im gona give my cousin a ring he is an accountant trouble is i havnt spoken to him in 2 years and last time i did was to help me tow my car.. and now i need advice lol

[♠Winp®oClean♠]

Have a read up on Annual Investment Allowance, the law changed a couple of years back and you should be able to take the whole lot off of your profits in one year.  It would be a good idea to speak to an accountant first though.

Simon.

I don't know if I understood him correctly but my accountant reckoned that this didn't apply to vehicles.  However, no harm doing it for the system if your advisor reckons it's OK.  Of course, the OP may prefer to receive the tax relief over several years rather than in one hit.

Plant & machinery is what AIA can be used for. Your van comes under this, or my chartered accountant's getting sacked!