17/06/2026
Fixed assets are long-term business assets that a company buys to use in running the business, rather than to resell. They usually last more than one year.
Examples include:
• Vehicles (such as vans)
• Machinery and equipment
• Computers
• Office furniture
• Buildings
A van used in your business is typically treated as a fixed asset. In the UK, you normally cannot deduct the full purchase cost of a van as a regular business expense immediately. Instead, you usually claim tax relief through capital allowances. In accounting records, the van appears on the balance sheet as a fixed asset. Its value is reduced over time through depreciation. Depreciation itself is not usually tax-deductible; capital allowances are used instead for tax calculations. If you need any advice or help with this, please give us a call on 0151 280 0195!
