Accounting for a Motor Vehicle as a Sole Trader
If you use traditional accounting (i.e. where you record income and expenses by the date you invoiced or were billed) and then buy a vehicle for your business, you can claim this as a capital allowance. This means you can deduct part of the value of the car from your profits before you pay tax. If you use cash basis accounting and buy a car for your business, claim this as a capital allowance as…
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