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New Van

  • 20-04-2012 10:17am
    #1
    jayo2004
    Registered Users, Registered Users 2 Posts: 359 ✭✭


    Hi I am Vat registered and I need a new van. Someone said to me to get a van and write it off to the business. can someone please explain how this is done and keep in mind i have'nt a clue about accountancy. Do I get the Van thru hire purchase or what?


Comments

  • #2
    no1beemerfan
    Closed Accounts Posts: 1,714 ✭✭✭no1beemerfan


    1st you have to use the van 100% for your business. If so you can claim back the vat on the cost of the van. How you finance the purchase of the van is up to you. Also you can claim back the vat on diesel, repairs etc and offset the net expenses on running the van against your business profit.


  • #3
    kennyb3
    Registered Users, Registered Users 2 Posts: 6,724 ✭✭✭kennyb3


    Also the net cost can be wrote off as capital allowances at 12.5% (over 8 years) - (assuming bank loan/outright purchase or HP. different treatment for leasing)


  • #4
    smellyfinger
    Registered Users, Registered Users 2 Posts: 51 ✭✭smellyfinger


    jayo2004 wrote: »
    Hi I am Vat registered and I need a new van. Someone said to me to get a van and write it off to the business. can someone please explain how this is done and keep in mind i have'nt a clue about accountancy. Do I get the Van thru hire purchase or what?
    Talk to your accountant. i change my vans every 3 years and the depreciation you get can be offset against taxes etc. buy a van with 3 year warranty and you never need worry about repairs or breakdowns etc. i never trade in old van as dealers add 2k or more to new vehicle cost when trading in. last 3 vans i sold for more than dealer allowed me on trade in and bought new vehicles straight at discount of approx 2k.


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