W
Whattodo
Guest
First post, so bear with me ..
I currently own my own vehicle (car-van, diesel, commercial) but have also just recently set myself up in a business. I want to update my vehicle to a newer diesel commercial but am not sure which way to go about it.
I am VAT registered so presumably I can claim the VAT back on any commercial I purchase. Can I claim VAT on diesel also ? Should I sell my current van to the business before trading it in against the newer one ? What are the BIK implications ? Or should I just keep my vehicle out of the business altogether, & just claim diesel expenses ? (sole-trader btw)
Good advice would be appreciated.
Thanks.
I currently own my own vehicle (car-van, diesel, commercial) but have also just recently set myself up in a business. I want to update my vehicle to a newer diesel commercial but am not sure which way to go about it.
I am VAT registered so presumably I can claim the VAT back on any commercial I purchase. Can I claim VAT on diesel also ? Should I sell my current van to the business before trading it in against the newer one ? What are the BIK implications ? Or should I just keep my vehicle out of the business altogether, & just claim diesel expenses ? (sole-trader btw)
Good advice would be appreciated.
Thanks.