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Ben1991
August 30, 2021
Solved

Van purchase

  • August 30, 2021
  • 1 reply
  • 0 views

I have just brought a van outright (no vat was charged on it) 

where do I record this?

do I record as a normal transaction, and if so, under what category?

it is solely a work van

Under quickbooks self employed.

thanks

Best answer by payment after leaving

So just to clarify I am not using the simplified accounting. Therefore I will need to re categorise as travel expenses in order that they show up as allowable? 
thanks 


Hi Ben We're not accountants and any information that we provide should be qualified by a professional. In relation to your original post about how to categorise the purchase of a van, this should be recorded in your actual self assessment form in the 'Tax allowances for vehicles and equipment (capital allowances)' if you're using the SA103 F and the 'Tax allowances for certain buildings, vehicles and equipment (capital allowances)' if you're using the SA103S. It states in the heading of these sections that you should not include these purchases in your business expenses, we also refer you to the guidance notes that accompany both forms in the links below. Therefore you can either exclude the transaction or ensure that it's classed as disallowable. As you're not using the simplified expenses/pence per mile method then you can categorise the transaction as car/van expenses and it'll be disallowable and the amount will populate in box 35 of the self assessment summary. Again as you're not using the simplified expenses method then you don't manually record any trips or use the auto tracker in the mileage section and any expenses relating to your van will be categoised as travel expenses and they then will be classed as allowable and populate in box 20 on the self assessment summary.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/999604/SA103F-Notes-2021__1_.pdf

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/974067/sa103s-notes-2021.pdf

1 reply

C
ChristieAnn 11
Level 9
August 30, 2021

Hi there, Ben1991.

 

Thank you for visiting again the QuickBooks Community. I'll be sharing details on how categorising entries works in QuickBooks Self Employed. Then, to ensure you're able to enter the van purchased in the system correctly.

 

When you categorise entries, QuickBooks puts your transactions on the correct line of your Schedule C. This also organises your income and expenses so you know what areas of your self-employed business have the biggest impact. There are also SA103F deduction categories you can claim as allowable expenses for self-employment. That said, you can manually record the purchased van in the Transaction menu and categorise it as car, van, and travel expenses. To ensure your records are in shipshape, I suggest consulting an accountant to help you properly organize or determining the right category to use.

 

Here's how to manually add a transaction:

 

  1. Go to the Transaction menu.
  2.  Click Add Transaction.
  3. Enter the amount and a description.
  4. Choose the Select a category menu. Then, select the best category to organise your transaction.
  5. Click Save.

 

To see additional details, you can click this article: Manually add transactions in QuickBooks Self-Employed. 

 

Please refer to this article to view different information on how QBSE tracks your income throughout the year to be more ready when your taxes are due: QuickBooks Self-Employed Overview.

 

I want to make sure you have all the information you need, so please let me know if you have any other questions about categorising transactions in QBSE. I'm always here to assist further. Have a good one.

B
Ben1991Author
August 30, 2021

Thanks for coming back to me so quickly.

 

only other question though, is my car, can and travel expenses are showing as disallowed expenses? Not allowed?

 

I have previously been using my car and entering the business mileage manually, then also expense info receipts for fuel, hotel stays etc. But it is all showing under disallowable?

 

thanks

 

M
MirriamMQuickBooks Team
QuickBooks Team
August 30, 2021

Hello again, @Ben1991.

 

I'm here to share additional information about recording Van purchases in QuickBooks Self-Employed (QBSE) and the expenses that you can claim as allowable and disallowable. 

 

There are car, van and travel expenses that you can claim allowable expenses. These are the following:

  • vehicle insurance
  • repairs and servicing
  • fuel
  • parking
  • hire charges
  • vehicle licence fees
  • breakdown cover
  • train, bus, air and taxi fares
  • hotel rooms
  • meals on overnight business trips

And the expenses that you cannot claim are non-business driving or travel costs, fines, and travel between home and work.

 

For more information about this, see this resource: Expenses if you're self-employed.

 

As for recording the taxes on the van purchase, I recommend contacting your accountant. They can provide proper guidance to ensure your books are on the right track.

 

Here's also an article that you can read to know the SA103F deduction categories you can claim as allowable expenses: About SA103F Categories.

 

If there's anything else you need help with concerning QBSE, please let me know. I'm always here to help. Keep safe.

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