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#1 30-09-04 23:27:24

Tonto
Member
From: Sussex
Registered: 28-09-04
Posts: 11

Tax and buying a car for driving tuition.

Hi All,

Can anyone tell me if you would be able to claim some tax back off a new car that is going to be used for driving instruction. Is this part of your expenses or not. Also, what about petrol expenses, do you keep receipts?

Would be grateful of some advice.

Thanks,

Paul

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30-09-04 23:27:24

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Re: Tax and buying a car for driving tuition.



#2 01-10-04 08:26:39

Nimrod
Guest

Re: Tax and buying a car for driving tuition.

YES!! YES!! YES!! YES!!

#3 01-10-04 21:25:50

Anonymous
Guest

Re: Tax and buying a car for driving tuition.

yes they are tax deductable

#4 03-10-04 06:49:54

Liesa
Guest

Re: Tax and buying a car for driving tuition.

Hi Tonto

In your 1st year of trading, you'll be able to claim 50% depreciation on the purchase price of your car, provided the purchase price was £12,000 or less, if the purchase price was over £12,000, then you can only claim the percentage that relates to the above figure.

If you don't earn enough in your 1st year, you can defer the 1st year allowance untill your 2nd year, but will only be able to claim 40% instead of 50%.

After the 1st year we're all able to claim 25% depreciation, on our school vehicles. Each time you replace your vehicle you're able to claim the above allowance (25%) for upto 3 years. Not only do you keep an upto date car on the road, but it also helps to keep your tax bill down as well!

On top of the depreciation you can claim for the interest on your car purchase loan, but you can't claim for the payments on the loan. Fuel, maintenance, tax, insurance, breakdown recovery & any other running expense you can think of are all 100% tax deductable for driving instructors and also taxi drivers.

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