UK How to deal with a van purchase in tax returns

[hubbysaccountant]

Hi, my husband took a loan for £11k and bought a van (painter and decorator). Do I use the whole £11k in his tax return? How do I then account for the loan payments? How do they get recorded in his books. I use quickbooks self employed. Thank you

 

[Sandeep02]

list The £11k loan as a liability, not as income. Record loan payments in QuickBooks by creating a liability account and categorizing payments into principal and interest. Do accurate tracking of expenses and loan balance reduction.