Self Assessment Claiming for a Van?

jewels.p

Can someone please help me with this? If a self employed person buys a Van at £8000 do they have to claim for it all in the year it was bought or can it be claimed for over several years. The reason I ask is I know someone who is self employed and once they have deducted all their other expenses including the Van their profit for the year is below the Personal Allowance amount thus wasting their allowance. I thought I read somewhere that you can either claim for it all in the first year or claim a percentage until it is written off.
Thanks for any advice on this.

MarieNoelle

Yes I believe you can claim WDA instead of AIA.

jewels.p

Thanks for that Marie. I just wanted to double check.

burg

Yes AIA is optional you could even not claim WDA's if that benefits too. However, in the following year AIA will not be available on that asset i.e. only in the year of acquisition.

jewels.p

So if they didn't claim WDA's in the first year can they claim it in following years although they can't claim AIA after the first year?
Thanks burg

burg

Yes thats correct. AIA is only an option in year 1. WDA can be claimed at any time.

jewels.p

That's great thanks for the replies. Not been on here for a long time but good to know there are still helpful people out there! Thanks again.