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PCP v Business finance for new car
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Hi,
I am a small 'one-man band' business, too small to be VAT registered, basically just supplying bespoke soft furnishings on mainly a 'labour only' basis.
My current car is nearing the end of its life and I have therefore decided to get a brand new car or an ex demo and had considered getting on a 0% finance PCP contract.... but wondering if there are tax advantages to doing so in a business plan... Can someone advise in laymans terms please
I am a small 'one-man band' business, too small to be VAT registered, basically just supplying bespoke soft furnishings on mainly a 'labour only' basis.
My current car is nearing the end of its life and I have therefore decided to get a brand new car or an ex demo and had considered getting on a 0% finance PCP contract.... but wondering if there are tax advantages to doing so in a business plan... Can someone advise in laymans terms please
0
Comments
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So no-one can give me any advice?0
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Unlikely to be many advantages to a business plan if you are unable to reclaim VAT due to not being VAT registered. If you make it your company car and use it for non company business you could end up worse off via income tax.0
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