Old van gave up and committed to scrap yard. I received a small amount of cash for the car... so will need to add this as income to my tax?
In regards to a new to me vehicle, I had already got finance for some personal items so opted to use a proportion of this to purchase a new van. So am now wondering.how I put this in my return. The loan was in my personal name and not for the business, the van is purchased in my business name, as is insurance, tax etc. It is solely for.business use. Note I use a cash basis accounting.
Also what is the best way to record fuel in cash basis, I had previously been advised to just record fuel receipts.
Thanks in advance