I use my car only for business. Can I deduct the insurance and cost of buying the car from my income?
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I am self-employed. I use my car only for business. Can I deduct the car insurance and cost of buying the car from my income?
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Answer:
Yes you can put these costs through your business on the expenses side. However, I don't think that HMRC accept 100% on business use these days so they or your accountant will apportion a % to personal use when your end of year accounts are compiled and your liability for income tax is determined..
ummar at Yahoo! Answers Visit the source
Other answers
If it's really only used for business, you can claim capital allowances on the vehicle and all the running costs, with no private use restriction. CAs are now at 20% of the cost on a reducing balance, with a limit of £3000 pa for expensive cars.
I don't get points any more
you simply list the car, petrol,tax, insurance and repairs as expenses
Jan409
See your accountant. There are vat implications and you may be able to lease the car cheaper.
Johnka
Either those expenses or mileage. Mileage may work out better.
jack bauer
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