Putting van costs through books

[James uren]

Hi folks

I have recently become a sole trader.. i have a van that i use mainly for work, But i do use it outside of work as its my only vehicle. Probably an 80/20 ratio..
My van is still currently being off off to which the payments end next year.

Apart from milage, am i able to run any van costs through as an expense? Such as insurance, MOT, repairs etc?

Thank you

 

[DWS]

Hi folks

I have recently become a sole trader.. i have a van that i use mainly for work, But i do use it outside of work as its my only vehicle. Probably an 80/20 ratio..
My van is still currently being off off to which the payments end next year.

Apart from milage, am i able to run any van costs through as an expense? Such as insurance, MOT, repairs etc?

Thank you

You can claim the mileage using HMRC simplified expenses of 45p/25p a mile or use the actual expenses, you can’t use both.

 

[WaveJumper]

Expenses if you're self-employed

Business expenses you can claim if you're self-employed

www.gov.uk

 

[MyAccountantOnline]

Hi folks

I have recently become a sole trader.. i have a van that i use mainly for work, But i do use it outside of work as its my only vehicle. Probably an 80/20 ratio..
My van is still currently being off off to which the payments end next year.

Apart from milage, am i able to run any van costs through as an expense? Such as insurance, MOT, repairs etc?

Thank you

Yes you can - you have a choice as a sole trader you can use HMRC Simplified expenses or a proportion of all costs including all running costs. You claim a proportion based on the usage. You should keep a mileage log to get an accurate split between business and private use. Don't forget capital allowances and interest on the finance.