What are the benefits of introducing a Motor Vehicle as an asset to the business?
If you buy a brand new van you can reclaim all VAT paid on the purchase price. For all Motor Vehicles you are allowed to claim back fuel and running costs and any VAT paid on these expenses (including Fuel Scale Charges). A capital allowance of 20% is deducted against your net profits at the end of each year to a maximum of 3,000 in any year.
