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Which scenario would be the most tax efficient
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MsPennyMoney
Posts: 9 Forumite
Starting in August, I will be self employed for the first time (driving instructor). I have a car which I bought in February using a personal loan and after having dual controls fitted this will be the vehicle I’ll be using to teach learners. I am now in the position where I have enough money to pay the loan off in full but I don’t know whether this would be the best thing to do.
Can I claim anything back in future tax years if I paid the car off or would it be better from a tax return point of view to keep the loan and claim the monthly payment as an expense?
TIA
Can I claim anything back in future tax years if I paid the car off or would it be better from a tax return point of view to keep the loan and claim the monthly payment as an expense?
TIA
0
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Have you contacted an accountant?0
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