Business Miles - Own Car...

BoGoF

AIFOP wrote: »

BoGoF,

I opted out of the company car scheme and have purchased my own car. For which I have taken out a loan.

My understanding is that if you claim the HMRC AMAP rates then you cannot claim any further tax relief for anything in respect of the car as the rates are set (supposedly) at a level that covers the total costs of supplying/running your own car.

Up to tax year 2002-03 you had the option of claiming actual costs (fuel/insurance/loan interest etc) or the AMAP rates. Since then you can only claim AMAP rates and I know of no exemption for directors - at the end of the day they are still employees and governed by the same legislation.

AIFOP

BoGoF,

The rules for Directors can be different to that for employees, for example, the need to file a SA, the removal of the £8500 BIK threshold, certain requirements for claiming interest relief on qualifying loans, etc.

It would be appreciated if withabix or PaulCooper could provide anymore information to tax relief on a loan for a company car though, I can not find anything.

Thanks.