Tiling vans

[beattsmjk]

Hi

I have just seen an ad for vansDirect.co.uk that states lease vans are 100% tax deductable.

does this apply to us as sole traders or must you be VAT registered etc


thanks

 

[DHTiling]

i'm not vat registered and every van i have had as gone through as tax deductable.....

 

[anne0411]

vans are tax deductable - you get a depreciation rate/year.

check out: [DLMURL="http://www.hmrc.gov.uk/manuals/camanual/CA23530.htm"]PMA: Cars: Used partly for a non-qualifying purpose, partial depreciation subsidy[/DLMURL]

hm revenue and customs run courses in your local tax office, they're quite good and they're free. they still 'might' have the small business officers who will help you fill out your tax form (go through all your receipts) with you.

hope that helps

 

[grumpygrouter]

Depending on the type of finance that you take for the van, the charges through the accounts will either be to the profit and loss or balance sheet. Contract hire and "operating leases" are charged directly to the p&l as "operating costs" while "finance leases" or HP (or PCP) assumes "ownership" of the van on delivery. In this case, the van would be charged to the balance sheet at cost and "depreciated" on an annual basis. "capital allowances" are given on your tax return for balance sheet assets.

Other normal operating costs such as fuel, maintenance and tax are put straight to the p&l.:regular_smile:

 

[devonmark]

Depending on the type of finance that you take for the van, the charges through the accounts will either be to the profit and loss or balance sheet. Contract hire and "operating leases" are charged directly to the p&l as "operating costs" while "finance leases" or HP (or PCP) assumes "ownership" of the van on delivery. In this case, the van would be charged to the balance sheet at cost and "depreciated" on an annual basis. "capital allowances" are given on your tax return for balance sheet assets.

Other normal operating costs such as fuel, maintenance and tax are put straight to the p&l.:regular_smile:

Tell me mr Grumpy, why did you give up accountancy to become a tiler..lol.

 

[grumpygrouter]

Not given up accountancy, just decided to do something else as well.:wink_smile:

 

[beattsmjk]

Thanks for the advice guys,

the whole accounting side of the business is just something I cant get my head around.

I think I will look into the tax courses run by the local gov't. Thanks for the info on that Anne.

 

[grumpygrouter]

Thanks for the advice guys,

the whole accounting side of the business is just something I cant get my head around.

I think I will look into the tax courses run by the local gov't. Thanks for the info on that Anne.

I would strongly promote the idea of getting yourself a good business adviser as soon as possible - even before you start trading if possible. There is nothing worse than leaving you bookkeeping "until I have time", because there is a good chance that the "time" will never just appear. It is essential to start correctly right at the beginning, setting aside time for your administration, than to realise 6 months or even a year later that the tax man wants some info - and a chunk of tax - and that you don't have it to hand. Accountants love nothing better than to receive a tesco carrier bag or 2 full of receipts to sort throug. At anywhere between £50 and £90 per hour (plus VAT) they make a nice tidy living doing mundain tasks (well, their assistants do the work!).

Bookkeeping is not really a black art as long you are systematic with your filing.

Good luck, PM me if you would like to chat.

Grumpy

 

[GazTech]

Sound advice Grumps

 

[beattsmjk]

thanks Grumpy. I will look in to the available options when I get round to it:wink_smile:

Only joking.


thanks for the advice