|
Hello,
I have received this question and would appreciate any advice. I'm thinking he would have to pay tax on the sale price of £1,500?
Thank you in advance 
Hi,
I work as a self-employed Amazon driver, at the Swindon depot.
When I started this job, I bought a van for £500, which is now worth £1500 due to the work I've done to it. On my self assessment return I've stated that it's a capital allowance of £500. I assume that would be correct, not £1500? So what happens if I sell the van for £1500 next tax year - do I have to pay tax on the £1000 profit (less costs of parts)?
Thanks
|
