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#1 23-05-06 12:07:21

tazmeen
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Registered: 11-11-05
Posts: 64

SELF EMPLOYED

i am struggling to understand if leasing is better or buying outright. someone wrote that leasing is better as i put it forward as tax or something. what amounts of leasing can u claim back? and what if you bought one?
sorry to be a pest, first time i will be doing this all. Help!!!!!

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23-05-06 12:07:21

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Re: SELF EMPLOYED




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#2 23-05-06 12:40:19

sue martin
Verified Member
From: National area franchises
Registered: 21-01-05
Posts: 333
Website

Re: SELF EMPLOYED

Hi,
this can be a bit of a long and tricky subject to explain,basically if you lease you will pay a monthly lease and all of that money can be offset against tax, if you buy you can claim for any interest you maybe paying if you borrowed money to buy plus a yearly Write-down amount as the car will be a capital purchase( ie still have a value at the end of the year as opposed to a gallon of petrol you have put in the car,) and you will not be able to claim the cost of the purchase of the car in the first place.
The natural assumption is that it will be better to buy a car as at you will then own something with a value be-it a decreasing one.,however having spent times doing the sums on tax/breakdown costs/hire cars/parts/servicing and all the myriad of things that may happen l have come to the conclusion that its pretty even,if you buy a car that has no problems or servicing costs and holds its value well you are better off doing that, if you have to pay for servicing ,breakdown costs,dual control hire cars whilst yours is off the road or the car looses excessive value leasing is the way to go.Most of our instructors either lease until they find a car they really like and then negotiate a good purchase price for their lease car,or just lease and change the car at intervals to suit

hope that helps
Sue


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#3 23-05-06 16:21:35

sparkle
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Re: SELF EMPLOYED

Thanks for a great explanation sue..that helped me loads i always confued with all that 8)

#4 23-05-06 17:17:01

tazmeen
Verified Member
Registered: 11-11-05
Posts: 64

Re: SELF EMPLOYED

thanks for all that info, makes a lot more sense. i think i will lease as cant afford a car yet

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#5 30-05-06 20:58:19

ADIALAN
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From: NORTHAMPTON (UK)
Registered: 05-03-06
Posts: 741
Website

Re: SELF EMPLOYED

Thanks for your post Sue.

I am about to re-new my car and I will use your information before I decide to buy or lease

Alan.


"There is only one difference between genius and stupidity - genius has its limits"

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