If you have a company car, the value of that vehicle should be categorised as an asset. The asset will depreciate depending on its useful life. You will also have to consider if the car is solely being used for business purposes, or whether it is also available for employee personal use.
If your company uses a van to courier items or another legitimate business reason you capitalise the cost as a business asset. If the van is available for private use of the employee, you'll have potential tax considerations to think about.
What's included
The cost of the company car that is used solely for business purposes qualifies as a legitimate business asset.
Any improvements to the car can also go towards increasing its value that is depreciated.
The company van used for business journeys such as transporting stock.
What's not included
Any related Vehicle Expenses such as petrol should also be categorised as expenditure and not an asset.