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#1 29-10-07 21:07:55

RichardG
Verified Member
From: Wirral
Registered: 27-06-04
Posts: 152
Website

Self Assesment

I am in the process of completing my self assessment form.

Until last year I have been on a franchise or have leased my car from Robinsons so have always used these details when completing the return before.

Last year I have purchased a car (though its on a lease to buy scheme) can someone tell me how I go about listing the payments for the car, how does it work in terms of claiming for capital allowances for the car.

I will get in touch with the local tax office to ask advice but just wondered if anyone on here could help ?

Thanks

Richard

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29-10-07 21:07:55

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Re: Self Assesment



#2 29-10-07 21:46:46

Angel
Verified Member
From: Maidstone, Kent
Registered: 23-08-06
Posts: 284
Website

Re: Self Assesment

I went to the tax office for help with this and was told that I couldn't put down the payments but could claim 25% of the cost of the car for depreciation against tax, then next year I claim 25% of the residual value (25% of the remaining 75%) so that each year - 4 in all- the amount claimed back gets smaller. I think thats how it works, probably someone else on here is a whizz with tax matters so feel free to ignore the above.  :? neutral

:angel:


I'm teetering on the brink-please push!!

ADI car and Fleet trainer

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#3 29-10-07 22:56:38

howly
Verified Member
Registered: 16-10-06
Posts: 140
Website

Re: Self Assesment

...or you could claim a mileage allowance:

40p per mile for the first 10k miles, then 25p per mile after that.  this replaces all costs relating to motor expenses (ie, petrol, maintenance, tax, insurance, finance repayments etc).  you can still include the interest part of any finance agreement though.

the tax people suggest you keep all motor related receipts and choose which method will work out best ie:

option a) actual motor costs
option b) mileage allowance (as detailed above)

teh best method for you depends on a number of things (cost of car, miles etc).

once you choose a method you must stick with the method until you change your car again.

if you haven't been on a tax workshop course i would highly recommend you go on one, they are free and cover what you need to know about the self assessment.

chris

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