Sole Trader - buying cheap van

Smyth123

Hi, Just starting a new business and have found a good deal on an 08 van. Its under €2,000 euro private sale and the man wants cash payment (fair enough) He is not in business and cannot give me an official receipt but is willing to sign a receipt of sale.
Question is, can I put this through the business as capital expenditure and claim tax relief on the expense over 3 years?

Gloomtastic!

Smyth123 wrote: »

Hi, Just starting a new business and have found a good deal on an 08 van. Its under €2,000 euro private sale and the man wants cash payment (fair enough) He is not in business and cannot give me an official receipt but is willing to sign a receipt of sale.
Question is, can I put this through the business as capital expenditure and claim tax relief on the expense over 3 years?

Yes, you can claim it against tax. And I'd claim it all in your first year, just in case you need to buy another one next year! :eek:

punisher5112

Go get bank draft and have himself tag along to show its genuine.

If above not possible draw money from business account and put down for van purchase and put both receipts together.

denis160

Worked for a guy in a similar position last year, he was advised by accountant if making a cash purchase for a van like that, if advertised online to print a screenshot of the van & he'ld have some sort of tie back to the cash spend. Good with the business.

Smyth123

Thanks all! Will keep receipts and claim so..