Drawing out of pension to cover sole trader loss

BigGirlPants

Thank you, I will check out the SoA template and look into trying different finance routes there.

I don't have much finances or a large income myself, (or a personal pension) but we should both get the full state pension based on our National Insurance contributions and their online checking tool.

Our mortgage was fully paid up last year, and our spending and lifestyle would probably be considered modest by most.

(Apart from this likely car purchase).

As long as his health keeps well I would imagine that he would work into his70s, and maybe a little bit part-time after that.

I was looking at hire purchases and pcp packages earlier, and also looking at the sole trader cash basis £500 limit to interest payments per annum, touched upon in this thread earlier.

I may have misunderstood but it looks to me that that the £500 limit is only on direct cash borrowing, for example getting a loan from the bank rather than interest on a purchase, (such as a car).

BigGirlPants

Just for information, I was doing some further research and it looks like the £500 limit on interest deductions has been removed this year.

https://www.gov.uk/simpler-income-tax-cash-basis/cash-basis-changes-from-the-2024-to-2025-tax-year

Asimovs_nightfall

Some excellent advice on this thread @BigGirlPants

I can't add much more but I did hear a motoring journalist say something along the lines of 'Don't buy. Lease' a new EV. This was on You and Yours, Radio 4, a few weeks ago, February 12th. 

I've dug it out on Sounds and it is here: https://www.bbc.co.uk/sounds/play/m0027v0c  

It might be of some use, about 26 minutes in.