Financing a Car Through Your Business

[Cathie!]

Has anyone done this?

I am thinking about it but was wondering if anyone knew what the tax implications are.

I was kind of hoping that the repayments on finance might be tax deductable...maybe I live in a dream world.

Any advice gratefully received.

Cheers.

 

[Trinity]

I'm not completely sure, your best source of knowledge would be your accountant, but I believe you can claim for the depreciation of the vehicle - or at least a percentage of it based on business to personal use.

You can also claim for a percentage of fuel, servicing, parking (not tickets) etc. which makes quite a bit of difference to the actual costs.

I'll know more in February when I put my first self assessment tax claim in