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Posted 4 months ago by Chris
Hi, I have purchased a new used 2021 van for £13,000 in December 2024. I want to switch from simplified vehicle expenses on my self assessment to actual expenses. Can I do this mid way through the tax year? If not, then how do I report the capital expense in December 2024. Forgive my ignorance but I'm wondering if I have to continue with simplified vehicle expenses (from Aril 2024) up until I bought the vehicle (December 2024) the report actual expenses from December 2024 on my 2024/2025 self assessment. Hope this makes sense? Regards Chris
Posted 4 months ago by HMRC Admin 20 Response
Hi, 
You can only make a change of this nature in the tax year when you change the vehicle.  
As you have changed the vehicle in 24/25, you can submit your 24/25 tax return using actual expenses for this vehicle.  
Simplified expenses if you're self-employed.  
You will have to continue with actual expenses until you change this vehicle, when you would have the option of simple expenses again.
Thank you.
Posted 4 months ago by Chris
But I had the previous vehicle in 24/25 too (using simplified expenses). So my question is, do I need to report simplified expenses up until I bought the new van then change to actual expenses? Or, can I report actual expenses for all of 24/25 tax year?
Posted 3 months ago by HMRC Admin 18 Response
Hi,
You declare simplified expenses up to the vehicle change and then use actual expenses from acquiring the new vehicle.
Thank you.
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