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Want to buy a van, is it worth waiting until the new financial year?

slippy

Active member
Messages
840
Location
Bournemouth
Shall I wait until April 6th until I buy my van so I can right it off against tax in the next financial year?

When i pay I was going to pay some from my bank account, some from parents and some cash. Does this complicate things with the tax accounts?

 
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Nothing complicates things if your 100% straight. You just say everything as it is and leave accountant/HMRC to complete/agree. You can loan the business money then pay it back as long as you have records.

Only complicated let's say you don't declare all your cash, when you then buy things with cash someone may ask how you acquired it... (e.g you put 3k cash in for van but after all your expenses you could only possibly of had 1k cash left) does that make sense?!

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Nothing complicates things if your 100% straight. You just say everything as it is and leave accountant/HMRC to complete/agree. You can loan the business money then pay it back as long as you have records.Only complicated let's say you don't declare all your cash, when you then buy things with cash someone may ask how you acquired it... (e.g you put 3k cash in for van but after all your expenses you could only possibly of had 1k cash left) does that make sense?!

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so better to pay for everything through debit cards so it causes less problems in the future? Even if from father and my self (2 people paying as I don't have enough money myself)- it's all from bank accounts so accountable and I guess vans are something HMRC are likely to look at?

 
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so better to pay for everything through debit cards so it causes less problems in the future? Even if from father and my self (2 people paying as I don't have enough money myself)- it's all from bank accounts so accountable and I guess vans are something HMRC are likely to look at?
Well if you carry on being all accountable for then it doesn't matter as any question will be answerable, if for any reason you might not show all cash then I would suggest it is better to show the loan on cards, this way it easier to prove if any questions ever do come up... [emoji1303]

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Why not put it all in your business account and pay the full balance with a debit card , Or just get a get a loan or vehicle finance and it can all be offset against tax liability .

 
Iron giant probably the easiest way. If you decided to purchase any other way e.g. cash from yourself and others then it would be classed as a personal injection which as previous have mentioned could then be paid back. Effectively it's a loan, make sure you have letters backing up that your parents or whoever are lending you 'x' amount and this is to be repaid over 'x' amount of years. Again nothing wrong using other people's cash as an investment as long as it's shown being paid back [emoji6]

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Iron giant probably the easiest way. If you decided to purchase any other way e.g. cash from yourself and others then it would be classed as a personal injection which as previous have mentioned could then be paid back. Effectively it's a loan, make sure you have letters backing up that your parents or whoever are lending you 'x' amount and this is to be repaid over 'x' amount of years. Again nothing wrong using other people's cash as an investment as long as it's shown being paid back [emoji6]

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I need a legal letter when borrowing money from parents? Surely, they would see the name (parents name) and know it was relatives helping out, wouldn't need a legal letter, would you?

 
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