Depreciation on assets (van) and capital allowances

[Simon46]

I am wondering now i have a decentish van how much to claim depreciation on asset as a capital allowance. Have always run bangers before so have never bothered. Have not owned it a year yet so am unsure what to claim.

S.

[johnnyj]

Re: Depreciation on assets (van) and capital allowances

I think it is 40 percent the 1st year then 20 percent each year after that.

[Simon46]

Re: Depreciation on assets (van) and capital allowances

So if van is £4500 bought 26/08/08 in last tax year april6 to april5 how would that work?

S.

[iadom]

Re: Depreciation on assets (van) and capital allowances

Surely a far better solution is to find a decent accountant, its the best £450 to £550 I spend per annum. 😉

Jim.

[wards]

Re: Depreciation on assets (van) and capital allowances

works for me,i let him take the headache 😀 😀

[Simon46]

Re: Depreciation on assets (van) and capital allowances

Looks like it is time. Thank you all.

S.

[goosegreen]

Re: Depreciation on assets (van) and capital allowances

For the last 3 years I have been claiming motoring expenses by miles covered, It 40p per mile up to 10k then (I Think) 32p per mile thereafter.
As I do about 10k every year that works out at 4 grand off the bottom line of your gross profit, All above board and submitted to the tax man by my accountant who has accepted it so far. May not apply if you are a Limited company or buy a brand new van and you have to work out your total motoring costs for the year.

Goose

[EFS]

Re: Depreciation on assets (van) and capital allowances

Jim is right.

A chartered accountant will save you a multiple of his fee.

You don’t have to work so hard if the tax man doesn’t get such a big cut cut 😉

Steve

[Martin]

Re: Depreciation on assets (van) and capital allowances

EFS wrote:Jim is right.

A chartered accountant will save you a multiple of his fee.

I was wondering how the hell he was charged as much as £550 in accountancy fees but using chartered accountants it’s all too clear. :rolls:

There’s far far cheaper accountants out there that don’t ‘asset strip’ your business based on your annual income you know. That will charge a fixed fee and sort your tax liabilities and claims for a much cheaper rate. As it so happens £270 is what I pay each year to my accountant. He charges just £60 an hour so figure how much time he spends each year on my accounts if you will? And he saves me a small fortune into the bargain, together we claim for everything from the taxmans purse and more besides. 😈

[rolf]

Re: Depreciation on assets (van) and capital allowances

I could not do with out my accoutant.Worth his weight in gold.I do all the donkey work recording all recipts and invoices on spread sheets get all the figures sorted in a nice tidy fashion.Because the more you can do the less he has to do so it keeps your bill down.
Then he just goes over the figures.I could fill in the tax return with the info I provide him but he is the expert at tax avoidance not tax evasion.A fine line between the two I feel at times but as long as Im on the right side of the line.Im happy 😆

[Author]

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