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Posted Mon, 13 Sep 2021 13:22:21 GMT by Andye
I am self employed and do my accounts on a cash bases and I am no VAT registered I bought a van 5.5 years ago for £8400 (vat included) then sold it privately for £5000 I then bought a new van for £16200 (vat included) So can you tell me my tax implications on the £5000 sale of the old van to the £16200 purchase of the new van
Posted Mon, 13 Sep 2021 14:42:31 GMT by HMRC Admin 17

Please see guidance here regarding capital allowances for van and balancing charges etc when sold :

Capital allowances and balancing charges (Self Assessment helpsheet HS252)   .

Thank you.

Posted Mon, 13 Sep 2021 15:18:43 GMT by Andye
Hi thanks for that but the reason I posted on the forum was to get a clearer understanding rather than having to wade through documentation that is hard to understand. Do you have any examples ? IE Jack the plumber sells his van and purchases a new one type of thing
Posted Tue, 14 Sep 2021 07:55:36 GMT by HMRC Admin 17

In this case it may be better to call us and we can talk you through this.

There should be examples in the helpsheet in the link provided as well.

See link:

Self Assessment: general enquiries   .

Thank you.

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