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#1 03-08-10 12:01:40

Carlo
Verified Member
From: North London
Registered: 03-07-05
Posts: 802

Buying a new Car on Hire Purchase

Hi all,

Can someone tell me (I'm sure it has come up before?)... What amount can you claim back for tax when purchasing a car on hire purchase?  Is it just the interest you can claim?

This is all new to me as I usually do contract hire.

Thanks in advance.


"It's easy when you know how!"

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03-08-10 12:01:40

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Re: Buying a new Car on Hire Purchase




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#2 03-08-10 18:58:11

adi
Verified Member
From: shropshire
Registered: 28-02-04
Posts: 1,231
Website

Re: Buying a new Car on Hire Purchase

Extract from Business Link
As the government is keen to encourage the purchase and use of environmentally friendly cars by business, businesses can benefit if they buy certain low-carbon emissions cars and vans and zero-emission goods vehicles.

For example, electric cars and those with very low CO2 emissions of 110 grams or less per kilometre (g/km) driven, qualify for a 100 per cent capital allowance until 31 March 2013.






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#3 03-08-10 20:53:25

AlphaBob
Verified Member
From: Hampshire
Registered: 05-01-05
Posts: 121

Re: Buying a new Car on Hire Purchase

Hi Carlo,
Yes your correct. You have 2 options when get a new car.  Either claim Capital Allowances or go the Mileage rate method. (Most popular according to HMRC) With the mileage rate method you claim 40p per mile for 1st 10,000 miles the rate for further miles is 25p.  These are business miles not private use.  So say you do 20000 business miles a year thats 1st 10000 @ 40p = £4000, 2nd 10000 @ 25p = £2500. So that a claimable allowance of £6500. You cannot claim any other motor related expenses, eg tax, insurance, servicing etc, but you can claim interest on any loan used to purchase that vehicle.    Bob


Whose the Daddy!!!
www.bobsdrivingschool.co.uk

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#4 03-08-10 21:09:44

robinsamuels
Verified Member
From: Milford Haven, Pembrokeshire,
Registered: 09-03-08
Posts: 425
Website

Re: Buying a new Car on Hire Purchase

To add to AlphaBob's answer, while you can't claim for things such as tyres and insurance (if you go down the mileage rate route), you can claim for having the duals fitted as these are training aids and not car accessories.


When it gets to the stage of sadobestionecrophilia, give up: Otherwise known as flogging a dead horse!

http://www.robinsdriving.co.uk

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#5 03-08-10 22:17:14

AlphaBob
Verified Member
From: Hampshire
Registered: 05-01-05
Posts: 121

Re: Buying a new Car on Hire Purchase

I wasnt aware of that Robin where did you get that info, I'll have to did my invoice out


Whose the Daddy!!!
www.bobsdrivingschool.co.uk

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#6 04-08-10 20:03:12

robinsamuels
Verified Member
From: Milford Haven, Pembrokeshire,
Registered: 09-03-08
Posts: 425
Website

Re: Buying a new Car on Hire Purchase

Told this on my training course and also heard it mentioned by other instructors.

I've used the mileage claim method on my last two cars and claimed for the duals in both cases.


When it gets to the stage of sadobestionecrophilia, give up: Otherwise known as flogging a dead horse!

http://www.robinsdriving.co.uk

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#7 06-08-10 08:14:10

golfball13
Verified Member
From: Chelmsford, Brentwood, Essex
Registered: 22-08-07
Posts: 244
Website

Re: Buying a new Car on Hire Purchase

Like Robin said, if you use the mileage method, you can't claim for any other costs of running the car (can't find the link at the moment), but I've had it confirmed by the HMRC while on one of their workshops.

You can claim for things unique to our business though, like duals, magnetic signs, extra mirrors, etc.

Rob


RPL Driving
Driving lessons in Chelmsford, Brentwood, Billericay and other areas of Essex

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#8 06-08-10 14:09:37

Carlo
Verified Member
From: North London
Registered: 03-07-05
Posts: 802

Re: Buying a new Car on Hire Purchase

Thanks for the info smile.

After speaking to Fiat they tell me that the agreement is a lease (or what they call PCP).  Where you put down a deposit or a advance, which they then calculate your monthly repayments over a set term.  At the end of the term you can either give it back, pay the balloon payment or use your existing deposit on a new car.

Anybody done similar??  and am I right in saying this is like contract hire as I don't own the car?

My accountant is on holiday so thought I get your opinions first!


"It's easy when you know how!"

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#9 06-08-10 17:25:36

on board training
Guest

Re: Buying a new Car on Hire Purchase

Hi,

Unless you stay within the limited mileage or don't mind paying what could be a heavy excess mileage charge the PCP isn't really suitable to driving instructors.

Brian

#10 09-08-10 10:47:23

Carlo
Verified Member
From: North London
Registered: 03-07-05
Posts: 802

Re: Buying a new Car on Hire Purchase

They have offered me between 15k - 20k p/a.  For me that would be fine in regards to mileage allowance smile.


"It's easy when you know how!"

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#11 09-08-10 11:36:13

Roadmaster
Verified Member
Registered: 04-03-04
Posts: 5,670

Re: Buying a new Car on Hire Purchase

You are better getting the  car on Hire Purchase rather than PCP.   You pay over a fixed term (i.e. 3 years) and then the car is yours.

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