Confusedbytax
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What can i claim against my income for my van
I am a sole trader. My current van is owned outright by me as a personal individual. I have never claimed any of the capital cost of buying it. Almost all the mileage driven on the van is for business. I keep a record of business mileage and I use the 45 pence per mile rate to claim expenses for the annual mileage total when completing my self assessment. I also claim the simplified £10 monthly rate for home business use on my self assessment. But the van is getting old and will need replacing during this tax year 23/ 24. If I borrow money to buy a newer replacement van can I claim the monthly repayments as expenses? And in addition also process the full cost of my fuel and repair and maintenance costs in my annual expenses total? I realise that if my personal mileage is say 10% of total miles driven that I would need to reduce the amount claimed on each receipt by 10%. Or can i claim the full cost of the new van as a one off expense against this years earnings if I was to buy it outright? If i buy outright or by finance does the van get purchased as an individual or using my business name. I hope someone can advise as I am stuggling.