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Post Info TOPIC: Sale of a van and purchase of another


Newbie

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Posts: 1
Date:
Sale of a van and purchase of another


Hi All

I am a sole trader NOT VAT registered and run a small electrical repair business

I bought a van 5 years and 8 months ago for £8400 (vat included) then sold it a month ago for £5000 in a private sale

I then bought a new van on the same day for £16250 (vat included)

Can someone clarify if I have to 

Pay Capital Gains on my old van

or do I take the £5000 off the £16250 ie 11250 to claim AIA



__________________
AE


Guru

Status: Offline
Posts: 1233
Date:

 

Hi Andrew

The £5,000 you sold the van for will count as a disposal so this will be offset against the new van.

Claim £16,250 AIA for new van minus the £5,000 disposal so £11,250, you do not have to claim the whole amount if this is not beneficial and would mean losing some of your personal allowance.



__________________

Doug

These are only my opinions of how I see things and therefore should not be taken as advice

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