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tdlawyer
tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience:  11 years experience of general practice.
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I inputed for a van in my first year of trading and its has

Customer Question

I inputed for a van in my first year of trading and its has now broken down to many times and would like another. Can i put this on my expenses in my 3rd year as a sole trader. The first 2 years i hve made a loss.
Submitted: 3 years ago.
Category: Law
Expert:  tdlawyer replied 3 years ago.

tdlawyer : Hello, thanks for your question. My name is Tony, I should be able to assist.
tdlawyer : Generally, yes, you should be able to do this if you need to van wholly and necessarily for the business.
JACUSTOMER-7w23dh9q- : What does it come under or what if i want to expand with another van
tdlawyer : What do you mean, what does it come under? It's an expense of the business, which is wholly and necessarily incurred for the purposed of the business.
JACUSTOMER-7w23dh9q- : When i complete my tax return what do i put £7000 for the van as a cost on my self assessment form.
tdlawyer : Are you a sole trader?
JACUSTOMER-7w23dh9q- : yes
tdlawyer : Then yes, you would need to include it in your self-assessment form.
JACUSTOMER-7w23dh9q- : I know that but what under on expensesw
tdlawyer : Yes, it's an expense of your business, you see.
JACUSTOMER-7w23dh9q- : Capital Expenditure
tdlawyer : Yes.