Company Vans - What are the tax implications?

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Kimberley Shapcott Property Tax and Accountancy

Күн бұрын

Have you considered having a Company Van? Wondered what happens in relation to tax? Is it worth having a company van? How much tax will it cost you?
In this video you will discover:
Company Vans and Capital Allowances
Company Vans and the tax impact for you and the Company
How much does a company van benefit cost?
Some useful links:
www.gov.uk/government/publica...
www.gov.uk/guidance/advisory-...
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DISCLAIMER: Please be advised that the content of my media is my personal opinion and is intended FOR GENERAL INFORMATION PURPOSES ONLY, not specific tax advice. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker. Making decisions on your tax position and investment decision is your own and appropriate specific targeted advice from a qualified accountant or tax advisor should be sort. The speaker will not be held responsible for any losses or gains based on decisions made following watching this video. Always do your own research and seek advice from an appropriately qualified professional.
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Пікірлер: 9

@kevinkitho 4 ай бұрын

Good information, are older Volkswagen Transporter T4, T5 panel vans with 3 front seats but have windows in the back and retro fitted 2 seats in the back still classed as VANS? V5 also shows classification as N1... How do HMRC see this?

@kimberleyshapcottpropertytax 3 ай бұрын

When you enter the details on the form you tell them the vehicle that you have which then helps them to see what vehicle type it is if they wish to query it. I cannot comment on specific vehicles however the best place to ask these things is the dealers who generally know. Also HMRC has specific guidance here: www.gov.uk/guidance/cars-and-vans-available-for-private-use-when-a-benefit-charge-is-incurred-480-chapter-11#definitions-of-car-and-van

@fletchy.v2748 6 ай бұрын

Hey, sorry new apprentice here. Just been issued a company van. So most I would be paying would be around 900 a year if I’m in the 20% tax bracket for both fuel and the van? Cheers also would driving too and from work be business or personal travel.

@kimberleyshapcottpropertytax 6 ай бұрын

It is definitely quite a cheap benefit to have. Driving from home to work is personal travel and cannot be claimed.

@ashleyhunt3491 7 ай бұрын

Great video and very detailed. What can you claim as a sole trader making less than £50k profit on a used van? I've read on one site that you can claim 100% of the value, but on another site, you can only claim 19% of the value? Any info is much appreciated. Thanks in advance. Ashley

@kimberleyshapcottpropertytax 7 ай бұрын

19% would suggest it is talking about corporate taxes rather than sole trader. I would recommend speaking to your accountant who can guide you through the right process that it tailored to your business.

@jeremykemp3782 6 ай бұрын

@@kimberleyshapcottpropertytax He just wanted a plain and simple answer, yes or no!!!!!! Can he use the £10,000 purchase of a van as an expense against his income of less than 50k

@ashleyhunt3491 6 ай бұрын

Thanks for your reply, but it hasn't really helped. I'm only just setting up as a sole trader, and I don't use an accountant currently. Thanks

@mikeyaustin 5 ай бұрын

@@jeremykemp3782 Sheeesh dude... settle down. Firstly, she's putting these great videos out for free, and defo doesn't owe anyone any free personal advice extra to the detail she's outlined in this one. Also, I can bet she'd need more info to be able to advise this fella as well as he might want, so that would need a sit-down chat or longer phone conversation - with an accountant... that deserves to have their time paid for.