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HM Accountax Ltd
HM Accountax Ltd, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 181
Experience:  I am an accountancy professional with more than10 years hand on experience in audit, accountancy and tax affairs.
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I have a question regarding a business start up and how much

This answer was rated:

I have a question regarding a business start up and how much of my initial and monthly outgoings are tax deductible
JA: Which tax year is the deduction for?
Customer: the business isn’t up and running yet but it will be in the tax year 20/21
JA: Anything else you want the Accountant to know before I connect you?
Customer: No

Hi,

I am an advisor at Just Answer and i am happy to assist you.

Could you please kindly provide more details about your query.

Regards

Muhammad

Customer: replied 10 days ago.
I am starting a business up (sole trader) and need a van - how much of my van finance payments (appx £400 per month) is tax deductible
Customer: replied 10 days ago.
if I put a deposit down (appx) £7000 is all of that tax deductible

Are you going to get ownership of van once finance payments are over? Is this VAN wholly, exclusively and necessarily for the business purposes?

Deposit of £7,000 is towards the VAN?

Customer: replied 10 days ago.
I will own the van after 5yrs
Yes it will not be possible to start the business without the van
Customer: replied 10 days ago.
The initial down payment of the van will be approximately £7000

Full Van cost is tax deductible.

Customer: replied 10 days ago.
Thank you - does that also include fuel, road tax, insurance, garage bills

You can claim all these expenses or you can use simplified method which is flat rate mileage which will cover all these expenses and cost of the VAN.

45p for 10,000 miles and then 25p after 10,000 miles.

Regards

HM Acoc**tax

Customer: replied 10 days ago.
Thank you ��

My pleasure, please rate the query so we can close it

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