Can I claim a portion of a new car against self-employed tax?

m_s

I have been recording my mileage and claiming that as business expenses, but I just realised that I actually bought my car during the tax year I'm about to submit my taxes for, and wondered if I am entitled to claim some of its cost against my tax bill? My car usage for work is probably about 25% of overall usage, so can I claim 25% of the purchase price against my bill? Thanks for any guidance...

sunnyone

goffo wrote: »

It's a little more complicated than that. But yes in principle you can claim Capital Allowances for the car (25%) but that that allowance will be restricted in your case to 25% of the 25%.

The balance (75%) is carried forward to next year when you claim another 25% of the 75% left.

It might have been better if you had leased a car as the whole cost of that lease paid in the year can be set against the profit, restricted of course to your private use element.

exactally the same advice, word for word that you gave someone else here not to long ago andy, your slipping:p

sunnyone

goffo wrote: »

Errr no I haven't. Well not that I remember, I can't see anything in my postings. You must be confusing the 'andy' with someone else.

Besides which everybody in business knows the ins and outs of Capital Allowances so it must have been someone else - sorry.

with you being a drunkard opiate abuser you wont rmember, you never do nor do you remember who you are from one day to the next but when you give word perfect posts it gives you away as usual, how long are you going to deny this one, till you are pieyed to remember who you are or maybe another daughter will pop up to tell us all that you are dead.

minnie123

If you are claiming mileage though you can't claim capital allowances on a car aswell.

sunnyone

goffo wrote: »

I'm sorry but I have no idea what you are going on about.

Those comments lead me to believe that you may have either drug or alcohol related problems.

Could I sugest you seek professional help asap.

Wierd!!

strangely enough you have also used those words before andy, why keep playing when you have again been found out for the second time in five days.

Indie_Kid

http://www.hmrc.gov.uk/vat/managing/reclaiming/motoring.htm that's about claiming back the VAT.