company car tax...

huxley222

i am a 25% partner in family business. i have no income from the business, i am planning on buying a dodge ram diesel.. roughly 2004 yr.. 6 litre engine. the road tax is based on pre-banded as its an import and there is no emission data for them.. i am intending to use the dodge for work and personal and my own self employment. I have no understanding of charges etc involved with these can anyone shed some light on it.. would i be better to run it as a personal vehicle? any help much appreciated...

fengirl_2

You have two choices:
1. Buy the vehicle through your business - you would include in your accounts all the running costs of the vehicle as awell as capital allowances on your tax return. You would add back on your tax return the proportion of the running costs and capital allowances relating to private use.
2. Buy the vehicle privately and put through the business either the business costs of running the vehicle or else a deduction of 40p per business mile for the first 10,000 business miles and 25p per mile thereafter.