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Posted Wed, 03 May 2023 08:48:34 GMT by gadsby78 Parry
Advice needed.. I currently use simplified accounting for self assessment return, and flat rate for van. I purchased a new van at month 11 (100% business use) How do I record this purchase in my self assessment? Do I calculate flat rate for 11 months of the year for my old van as I would normally do and record the full cost less part ex value in with the total expenses? and going forward into 23/24 do I continue to use flat rate ? Any advice greatly appreciated.
Posted Wed, 10 May 2023 10:24:52 GMT by HMRC Admin 19

You have a number of options. You can claim capital allowances for the new van or the writing down value option, or a combination of the two. You can see guidance here:

Claim capital allowances 

The new vehicle expenses can be claimed either with the fixed rate allowance or by claiming individual expenses. Please note that which ever method you choose, you must use that method until the vehicle is disposed of. You can see more information here:

Expenses if you're self-employed

Thank you.

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