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September 15, 2021
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?

  • September 15, 2021
  • 1 reply
  • 0 views
would this also increase the income tax owed?
Best answer by Sam_WeBalanceBookkeeping

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.

1 reply

October 7, 2021

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.