Self employed - van for work, capital allowance or flat rate per mile?

[Mr Chibs]

Just need some advice regarding best way to claim for van expenses being self employed?

I was reading up on capital allowance and flat rate per mile.

I thought I would be able to pay for all expenses via business account and this would be knocked off any tax liability at year end.
It seems this isn't quite as straightforward as appears unless I claim the van is for solely for business (with occasional personal insignificant use).

Just wondering what you guys do with regard to claiming motoring expenses?

 

[simplesteve]

It seems this isn't quite as straightforward as appears unless I claim the van is for solely for business (with occasional personal insignificant use).

Just wondering what you guys do with regard to claiming motoring expenses?

Personally, I do the above, so 100% of all costs go through.

 

[Mottie]

100% of road tax, fuel, repairs, mot, insurance plus a bit of depreciation I’d imagine.

 

[HERTS P&D]

I was told by my accountant that due to the fact that my van it 3.5t, every goes through.

Andy

 

[simplesteve]

100% of road tax, fuel, repairs, mot, insurance plus a bit of depreciation I’d imagine.

Yip. And there may be a slight chance, that maybe, just maybe, some people's mobile phones are for business use only. So I've heard

 

[Deleted member 317777]

Just need some advice regarding best way to claim for van expenses being self employed?

I was reading up on capital allowance and flat rate per mile.

I thought I would be able to pay for all expenses via business account and this would be knocked off any tax liability at year end.
It seems this isn't quite as straightforward as appears unless I claim the van is for solely for business (with occasional personal insignificant use).

Just wondering what you guys do with regard to claiming motoring expenses?

Flat rate per mile doesn’t work for me.

Just remember though, whatever you choose, it can’t be changed while you own that vehicle.

@45p a mile for the first 10k miles it sounds good. But that’s £90 a week for 200 miles. So you get £4680 against your tax “approx”

What if you’re engine goes or the wet belt snaps. Plus the cost for fuel takes its toll on flat rate.

It’s good for people who are employed and do a few miles for work.

 

[fillyboy]

It’s good for people who are employed and do a few miles for work.

Exactly, I believe the wife used to claim that in her 'council' days, probably a sound deal for self employed if nothing ever goes wrong with the van.

 

[Highway Man]

I bring my hoist home with me, but if I ever leave it at work anytime, I claim for my milage when I use my personal car, I love my hoist too much to leave at work. I am very protective over it,

 

[Deleted member 317777]

I bring my hoist home with me, but if I ever leave it at work anytime, I claim for my milage when I use my personal car, I love my hoist too much to leave at work. I am very protective over it,

@Hoist OMG he does love you….

 

[pete01]

Who is hoist? What's going on

 

[Deleted member 317777]

Who is hoist? What's going on

It’s a **** joke mate, sorry lol

 

[pete01]

It’s a **** joke mate, sorry lol

Oh lol, I didn't know you could alter the name/mention thing

 

[Diver Fred]

Just need some advice regarding best way to claim for van expenses being self employed?

I was reading up on capital allowance and flat rate per mile.

I thought I would be able to pay for all expenses via business account and this would be knocked off any tax liability at year end.
It seems this isn't quite as straightforward as appears unless I claim the van is for solely for business (with occasional personal insignificant use).

Just wondering what you guys do with regard to claiming motoring expenses?

Ask your accountant for the (personnel) advice. Also be careful on how your van is insured.

 

[JohnD]

The simplified method is supposed to be easy.

Simplified expenses if you're self-employed

Use a simpler calculation to work out income tax for your vehicle, home and business premises expenses

www.gov.uk

I used to use the "exact" method, but you need to keep accurate and detailed records. I found it very suitable as I had a vehicle that was quite costly to run and did a lot of miles.

I no longer need to do tax returns so may be out of date.

 

[noseall]

I thought I would be able to pay for all expenses via business account and this would be knocked off any tax liability at year end.

No. It's offset against your profits and then you are taxed on what profit is remaining.