Bought 2nd hand vans/machinery this year and classified them as purchases. should they be in fixed assets and can i change them without it affecting the vat etc?
Bought 2nd hand vans/machinery this year and classified them as purchases. should they be in fixed assets and can i change them without it affecting the vat etc?
Bought 2nd hand vans/machinery this year and classified them as purchases. should they be in fixed assets and can i change them without it affecting the vat etc?
These items would be fixed assets and would normally go to your balance sheet rather than an expense. You don't mention if you are a sole trader or Limited Company. It's important to categorise purchases correctly as there are tax implications.
Bought 2nd hand vans/machinery this year and classified them as purchases. should they be in fixed assets and can i change them without it affecting the vat etc?
These items would be fixed assets and would normally go to your balance sheet rather than an expense. You don't mention if you are a sole trader or Limited Company. It's important to categorise purchases correctly as there are tax implications.
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