Vehicle Expenses

[Feldon]

I am a sole trader and have purchased a second hand van that I use soley for business use. It was a fairly cheap van only cost £995 so do I need to capitalise this amount or would it be best/possible to write this off in year one.

I also purchased some tools & equipment for my business, with the most expensive item being £1399 plus vat, all the other items were under £300 individually. Do I have to capitalise all of these items.

Also with regards to fuel costs do I need to keep a record of mileage or just keep all my fuel receipts.

Lastly my accounts should be fairly easy to record, I'm going to use a manual accounts book and I do have basic book keeping experience, but for year end and self assessment how much could I expect to pay an accountant / bookkeeper if I kept accurate up to date records.

[MyAccountantOnline]

I am a sole trader and have purchased a second hand van that I use soley for business use. It was a fairly cheap van only cost £995 so do I need to capitalise this amount or would it be best/possible to write this off in year one.

I also purchased some tools & equipment for my business, with the most expensive item being £1399 plus vat, all the other items were under £300 individually. Do I have to capitalise all of these items.

Also with regards to fuel costs do I need to keep a record of mileage or just keep all my fuel receipts.

Lastly my accounts should be fairly easy to record, I'm going to use a manual accounts book and I do have basic book keeping experience, but for year end and self assessment how much could I expect to pay an accountant / bookkeeper if I kept accurate up to date records.

You would capitalise the van and equipment.

You may be able to claim a mileage allowance (40p per mile for the first 10,000 miles and then 25p per mile thereafter pa) or the business proportion of actual motoring costs depending on your turnover.

Accountancy fees will vary hugely depending on the accountant you use. A few of us that contribute on this forum make no secret of our fees - my firm being one of them. If you want to see what we charge please take a look at our website.

[taxattack]

I am a sole trader and have purchased a second hand van that I use soley for business use. It was a fairly cheap van only cost £995 so do I need to capitalise this amount or would it be best/possible to write this off in year one. It's a capital expense but qualifies for Annual Investment Allowance (AIA), ie reduces your taxable profit for the full cost.
I also purchased some tools & equipment for my business, with the most expensive item being £1399 plus vat, all the other items were under £300 individually. Do I have to capitalise all of these items.
The expensive item as for the van. Small value items can probably be expensed.
Also with regards to fuel costs do I need to keep a record of mileage or just keep all my fuel receipts. You have the choice of claiming the business proportion of actual vehicle expenses (including maintenance, insurance etc), or actual mileage at 40p/mile 1st 10k miles, 25p thereafter. NB mileage claim covers the cost of the vehicle itself in which case the AIA above will not apply.

Lastly my accounts should be fairly easy to record, I'm going to use a manual accounts book and I do have basic book keeping experience, but for year end and self assessment how much could I expect to pay an accountant / bookkeeper if I kept accurate up to date records.

Please pm me if you would like to discuss.

Chris

[Williams lester]

Our fees are also clearly shown on our website, should you wish to take a look.