Finance car for business

#1
Hey geeks , just after a bit of information I have been a mobile hairdresser and eyelash technician and am quite busy. This week I have bought a car on finance and put a small deposit down out of my own money. Would you guys out all of the cars outgoings against your business. The reason I we t for finance was I had an old car and it kept letting me down meaning me renting cars eat and paying out on fixing it... Hope I've made the right decision. . Thanks geeks
 

#2
Yeh of course,
 

#3
Sorry stretched and it posted before I was finished. I lease a car all costs I put through my business.
 

NiCshairstudio

Active Member
#4
Hey geeks , just after a bit of information I have been a mobile hairdresser and eyelash technician and am quite busy. This week I have bought a car on finance and put a small deposit down out of my own money. Would you guys out all of the cars outgoings against your business. The reason I we t for finance was I had an old car and it kept letting me down meaning me renting cars eat and paying out on fixing it... Hope I've made the right decision. . Thanks geeks
Depending on the age and efficiency of the car you can probably put the whole thing through as a business expense on your tax return, a % of petrol and all that so possibly the best move you have made! Speak to an / your accountant to confirm if all or a % of the car payments can be put through :)
 

Fuzion

Active Member
#5
I just claim 45p per mile and that covers everything, interest on finance is on top of that, apparently doing it that way you don't get taxed on the depreciation. I think not 100%, I leave it to my accountant who is my client so she explains it over her hair being coloured!!
 
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