Self Employed - Purchase Of A Van

BeckyLeary

Hi all, i'm hoping someone could clarify something from me please. A newly self employed person has brought a van (approx 5k) borrowing money from a friend and is paying it back monthly. Am I correct in saying that when preparing the SA return this will be treated as an asset and claim capital allowances on it despite not owning it outright yet? And can claim the all the petrol/maintence costs etc (with the exception of 5% which is for personal use). Thanks in advance!

douglasstroud

If he/she is the registered owner of the van and there is proof of purchase then I would be happy to claim AIA on the van as well as the motor expenses