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, PaulReport