Capital Allowances

[Swimmyfishy]

Hi,

First time posting on mumsnet, wondered if i could bend someones ear so to speak! Might be a good question for all those accountants out there!

Finalising this years accounts, and completing the self assessment for self employment. Simple business with simple expenses and no employees. New van purchased and am aware we can claim capital allowance. We want to claim entire cost back in one year (ie dont want to pool the money). We use the van 95% business use and will only claim at 95%. We also part ex our last van during the purchase of the current one (nothing outstanding from this).

My question is do I put the 95% purchase cost in the annual Investment allowance box and the 95% part ex in the balancing charge box? Books have always been simple and still are but would hate to make a mistake!

Hopefully someone will understand my waffle. Have spoken to tax people and i am sure im right just would like reassurance!

Thanks in advance

I maybe wrong,but my accountant always tells me vehicles can not be put into capital allowances. Though all of mine are cars not vans.

As long as it is a commercial vehicle you can claim the AIA.

You cant claim for cars but can for vans. I think the purchase price inc vat goes in AIA box and part ex in balancing charge?

you only include the vat in the cost if you are not vat registered

We arent VAT registered so think ive got it right. The rules have changed slightly and the way we used to claim is now different. Im more confident now that weve got it correct. Thanks!