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#1 25-01-08 15:03:27

abrocky
Verified Member
Registered: 06-06-06
Posts: 101
Website

Buying a Car/ Tax

Not sure about the ins and outs but it may help....

I have read that as of 6th April 2008, small businesses (not sure if will relate to self employed), will be able to claim 100% tax back on capital claims rather than the current 50%... (Would dual control cars fall under this as well??) if people are thinking of buying one it may be worth waiting...

If anyone knows more info can u post, as i would also benefit...

Q1... if I am to buy a car on HP, how would that effect my capital claim regarding loans etc... can i still claim the current 50% or future 100% in the first year??

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25-01-08 15:03:27

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Re: Buying a Car/ Tax



#2 25-01-08 17:40:23

abrocky
Verified Member
Registered: 06-06-06
Posts: 101
Website

Re: Buying a Car/ Tax

Okay, managed to get through to tax office... the 100% figure has not yet been officially confirmed... but is a possible route they may go down... Not been able to find out if this 100% deduction will also apply to self employed instructors.

Hth

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#3 03-02-08 23:46:40

Russ
Verified Member
Registered: 18-07-04
Posts: 939
Website

Re: Buying a Car/ Tax

follow the link  http://www.hmrc.gov.uk/capital_allowances/cars.htm

this is due to FINISH 31 march 2008, bought my last 2 cars with under 120gsm and 12k 100% off set against tax now just claim running costs after.

certainly helped reduce my tax bill, put more £'s in my pocket.

russ

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#4 04-02-08 19:09:03

WDT
Guest

Re: Buying a Car/ Tax

Don't forget the 25% depreciation per annum. Talk to a good accountant. They are worth their weight in gold.

#5 05-02-08 19:58:16

billrhoades
Verified Member
From: Northampton
Registered: 28-11-07
Posts: 184

Re: Buying a Car/ Tax

If anyone needs a good accountant I can reccommend mine. Just message me with your details and I will contact you.

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#6 10-02-08 20:55:42

abrocky
Verified Member
Registered: 06-06-06
Posts: 101
Website

Re: Buying a Car/ Tax

Dont think you can claim the 100% tax for 1st year AND 25% depreciation ontop..

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