Sole Trader - Car Loan - Is It A Business Expense

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Hi ALL

I'm new to this business forum - so unsure where to put my question and would appriate some feed back on Q's - Please Help

I'm a sole trader - took out bank loan for car that I use towards business 85% business/ 15% private car loan payments are 210 (1nteest is 9% =18.90 a mnth) a mnth - can I claim this back as a business expense car loan 191.1 *12 against business expense and 18.90 as capital allowance * 12 mnths - the 20% private and can I put through the 20 % depreciation value minus the private usage as well (capital allowance)?
Also if this is the case - what happens if I pay the loan of earlier?

Got confused on HMRC Site

Kind Regards
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jonesMUFCforever

You can use 85% of the interest as a business expense.

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i'M STILL CONSUSED OVER THIS

When it comes to business expenses regarding car expenses and a car loan being involved - can I claim for either a, b or c option?

a = petrol receipts, car loan and the interest charged, service repairs, tax and insurance, valet, car park fee, tolls etc and also claim the capital allowance less private usage?

b = Mileage method this is where you can claim 40p per business mile for the first 10,000 miles in your financial year, 25p thereafter and also the interst on the loan (remembering to keep an updated log book as evidence of car business and private usage add all up minus private usage)?

or is it where option A is concerned for C:
petrol receipts, , service repairs, tax and insurance, valet, car park fee, tolls etc and also claim the capital allowance less private usage and the business part of the interest of the loan but not the loan it;s self ?
confused as thought you could claim a business loan (for computer, car or to help pay business bills etc) minus private usage as an expense to the business?

Also If I pay the loan of earlier than due date and get charged an early payment fee - can I claim business portion of that as an expanse?


Sole Trader - Car Loan - Is It A Business Expense
Hi ALL

I'm new to this business forum - so unsure where to put my question and would appriate some feed back on Q's - Please Help

I'm a sole trader - took out bank loan for car that I use towards (business 85% business abd 15% private) car loan payments are 210 and 1nteest is 9% =18.90 a mnth - can I claim this back as a business expense car loan 191.1 *12 against business expense and 18.90 as capital allowance * 12 mnths minus the 15% private and can I put through the 20 % depreciation value minus the private usage as well (capital allowance)?
Also if this is the case - what happens if I pay the loan of earlier?

Got confused on HMRC Site

Kind Regards
Supportneeded