Discussion
Question for anyone who has a van and uses it for their own business.
Do you own the van yourself and charge your company the ppm figure?
Or does the company own the van so everything for the van goes through the books?
I understand there are pros and cons for either way. If the company owns the van rather than the individual then the insurance is typically 40% more per year. Also there will be a personal tax liability to have private use on there too.
If you own the van and there’s a big bill then the ppm may not cover it.
I’m looking to be spending around £10k on a van and plan to own it outright if that makes a difference.
Any help, advice, experiences would be most helpful.
Do you own the van yourself and charge your company the ppm figure?
Or does the company own the van so everything for the van goes through the books?
I understand there are pros and cons for either way. If the company owns the van rather than the individual then the insurance is typically 40% more per year. Also there will be a personal tax liability to have private use on there too.
If you own the van and there’s a big bill then the ppm may not cover it.
I’m looking to be spending around £10k on a van and plan to own it outright if that makes a difference.
Any help, advice, experiences would be most helpful.
Sole trader, own mine outright personally, and just use simplified expenses though it's definitely not the best way...
Since August, done approx 22k miles (£7500 using simplified), including insurance and maintenance, spent approx £5000 and that doesn't include depreciation. Or fuel...
If only I'd got an accountant!
I can't remember the BIK tax you need to pay if the business owns it and you also use it for private use, so can't comment.
Long way of saying I don't think simplified deductions are worth it with current costs.
Since August, done approx 22k miles (£7500 using simplified), including insurance and maintenance, spent approx £5000 and that doesn't include depreciation. Or fuel...
If only I'd got an accountant!
I can't remember the BIK tax you need to pay if the business owns it and you also use it for private use, so can't comment.
Long way of saying I don't think simplified deductions are worth it with current costs.
Self employed in a VAT registered partnership.
Van bought new 8 years ago, now on 135K miles.
No private use, keep a monthly spreadsheet with daily mileage, journey details backed up by customers addresses on business invoices.
All van expenses go through the business 100%, van is now written down to zero value.
Van bought new 8 years ago, now on 135K miles.
No private use, keep a monthly spreadsheet with daily mileage, journey details backed up by customers addresses on business invoices.
All van expenses go through the business 100%, van is now written down to zero value.
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