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Posted Sun, 08 Dec 2024 09:58:38 GMT 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 Thu, 12 Dec 2024 14:19:00 GMT 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 Thu, 12 Dec 2024 16:10:57 GMT 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 Wed, 18 Dec 2024 16:16:20 GMT 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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