business car leasing

Irishorangutan

I'm considering leasing a car through my own music business. I'm self employed. Would this still qualify me for a business lease?

What is the usual terms? Also, what can I expect from a budget of between 150 and 200?

tonys_3

Being self employed is fine.You add the monthly cost of leasing your car
as a business expense for tax purposes.You may have to agree with the Inland Revenue what
proportion of your costs are business and what are personal.The laeasing companies will explain the situation for you.

Take a look at Google - uk sites- and type in "car leasing" and troll through the different sites looking for info and prices.Don't waste your time with sites
that give you quotes through the post-they only want your email address so they can bombard you with special offers and possibly sell on your name to other companies.

Monthly costs depend on a]the initial cost of the car b]the specification[eg
air conditioning will be more expensive] c]the length of the lease d]your
annual mileage e]whether you opt to service the vehicle or let them do it.

A Ford Ka 3 door 3 year lease,fully serviced could be around £170.

If you want a more prestigious vehicle,you could look at a 2 or 3 year old car.

waster_2

And do not forget that most of the prices quoted will exclude VAT. If you are a VAT registered business you will be able to recover this through your input/output account. But, if you are a small business below the VAT threshold you will get hit for the VAT costs as well.

blue_haddock

waster wrote:

If you are a VAT registered business you will be able to recover this through your input/output account.

Also remember that if the vehicle is used for private mileage then only 50% of the VAT is reclaimable.

The main parameters to a lease vehicle are: the vehicle, the mileage and with or without maintenance. If you can provide us with these details we can help you more.