Solved
Bought 2nd hand vans/machinery this year and classified them as purchases. should they be in fixed assets and can i change them without it affecting the vat etc?
would this also increase the income tax owed?
Sam_WeBalanceBookkeepingAnswer
Oct 7, 2021 1:40 PM UTC
These items would be fixed assets and would normally go to your balance sheet rather than an expense. You don't mention if you are a sole trader or Limited Company. It's important to categorise purchases correctly as there are tax implications.