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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4883
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I'am self-employed driver. In November I made the

Resolved Question:

Hi,I`am self-employed driver.
In November I made the registration for VAT and a bought a Truck £16000 net of VAT.
Now I have to fill my Self-Assessment for the year 2014/15 and I would like to know where I have to include the truck.
Thank you
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question.Your purchase of a truck is capital expenditure and you would claim capital allowance for it.As it would qualify for Annual investment allowance you would input £16,000 inBox 49 (Annual investment allowance) under tax allowances for vehicles and equipment (capital allowance) if you are completing supplementary pages SA103F - self-employment (full)orBox 23 (Annual investment allowance) under tax allowances for vehicles and equipment (capital allowance) if you are completing supplementary pages SA103S - self-employment (short).
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Customer: replied 1 year ago.
Thank you very much.
My last question is about the income.
I provided some services under Construction Industry Scheme and I received the net payment plus some materials(travel).
The payslip is looks:
Gross payment: £746.25
Less Cost of Materials: £150.00
Amount liable to deduction: £596.25
Amount deducted: £119.25
Amount payable: ££627.00Which of the figure I have to take in consideration in my calculation?
Gross payment or Amount liable to deduction?
I gave already the expenses`s receipts to my contractor and because I received the money for it I will not include in my calculation the amount as allowable expenses.
Thank you
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your replyYour income for tax purposes is &pound;596.25You would show tax deducted under CIS &pound;119.25The cost of materilas will be netted off with your cost of sales (purchases). I hope this is helpful and answers your question.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4883
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Customer: replied 1 year ago.
Thank you for your help.
5 stars rating !
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
Best wishes.

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