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10 July 2012

Can I offset the cost of a new vehicle over 2 tax years?

I am self employed but have regular contracts in place so my income is fairly level each year. I am currently (after expenses) around £5000 a year into the higher tax rate. I will be needing to replace my van this year and intend to buy outright in the region of £10000, if I write this down as a single business expense for 2012/13 I will only get the higher rate relief for this year. Is there a way of deferring half of the purchase price and writing it down in the following tax year?? Thanks, Paul

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