Re: car purchase against business

In message <lTtji.19100$p8.3866@xxxxxxxxxxxxxxxxxxxxxxxxxx>, Ronald Raygun <no.spam@xxxxxxxxxxxxxxxxxxxxx> writes
Staffbull wrote:

On 6 Jul, 16:31, Troy Steadman <troystead...@xxxxxxxxxxx> wrote:
On 6 Jul, 16:13, Staffbull <s...@xxxxxxxxxxxxx> wrote:
>
> Thanks, if I buy the car through the business can I use it for
> personal use? providing I pay mileage etc

It doesn't work that way. If you have 25% private use of a business
asset then you need to disallow 1/4 of every cost associated with that
asset, including Capital Allowances.- Hide quoted text -

Thanks, I'd still be better off I think. with the 100% allowance on
low emission cars does that mean I can claim 100% of the full value of
the car (less 25% for personal use) in one tax year?

You probably can, but it might not be a good idea. It depends on how
much profit you expect to make this tax-year and the next few. For
example, if your taxable income this year is below the higher rate
threshold and you expect it to increase above the threshold next year
or soon thereafter, it may be better to defer claiming capital
allowances, thus saving yourself 40% instead of 22% of however much
you're claiming.


I dont think you can defer the claiming of writing down allowance of a car. It is 25% of the written down value subject to a maximum write down of £3k.
--
John Boyle
.

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