Can we capitalize first time road tax, fuel and insurance when buying vehicle

[mehranmichail]

Hi again,
Needed guidance in following case
In UK when u buy vehicle even on cash, u must insure it and pay a tax, road tax or first time DVLA tax.
Can we capitalize these cost, including payment for fuel to bring vehicle to premises as directly attributable cost of bringing the asset to the location and condition criteria.
Cheers...

[Marek Muc]

Hi, I would expense immediately in P/L any recurring taxes/fees and fuel,
and capitalise payments that are made only once on acquisition.

Insurance is a service that you receive (i.e. insurance coverage) , so you can treat it as a prepaid expense

[mehranmichail]

Thank u so much for guidance. Kind regards