Van depreciation for tax purposes

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tufty113
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Van depreciation for tax purposes

Unread post by tufty113 »

Hi all does anyone here know what the current allowances are for a van as doing my self assessment myself this year as can’t warrant or afford an account this year. In previous years I know they have deducted an amount for my van but can’t seem to see anywhere what the allowance is. Thanks
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Haynesy
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Re: Van depreciation for tax purposes

Unread post by Haynesy »

Sole trader or via a limited company?
From sole trader stuff I remember it can get a bit tricky with vehicle stuff as it can also relate to capital allowances (i.e. other kit/equipment you might have bought and be writing off/depreciating against costs/profits). And if you've still got the same van as previous years (when your accountant did your return) which it sounds like you might have, then as you seem to know it will have already been treated in a particular way and you need to follow that route as the percentage allowance they will have applied will have been based upon the original value of the van when you brought it into your accounts and then it is usually depreciated at the same percentage over time (regardless of the actual value of the thing now). Have you got access to your previous tax returns, submitted by your accountant, can you see if they give any clue as to what allowance they applied for the van - if you can see that figure for the van, then you could just apply that. The worst that could happen is that the HMRC might select you for an audit and go through stuff and ask for all the evidence - unlikely, especially as they a bit busy with Covid stuff!!!
and make sure you include the racing costs as sponsorship - all tax deductable.....
And the HMRC have said that they will accept covid 19 related reasons for late submissions of self assessment returns and no fines, so may be that's a route to try to give more time to get the answers and your submission correct. Or try and rustle up the funds for an accountant.. All the best mate.
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tufty113
Setting the Fastest Lap
Posts: 267
Joined: Sun Jul 22, 2007 8:07 pm
D/P/T/M/S: driver(well try to)
Full Name: matt dix
Location: near the french!!!!!

Re: Van depreciation for tax purposes

Unread post by tufty113 »

Thanks. Sadly no my accounts have closed down and can’t find their accounts from last year hence why I’m asking if anyone might know what the percentage allowed is.
http://www.madservices.co.uk

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Motorcycle Servicing & Engineering in Kent & Sussex
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