Yes, if you look at Hmrc website
Different percentage of capital allowance for different types of vehicles these days so electric would be most tax efficient. But remember you can pay yourself per mile as per hmrc mileage calculator. And you would be taxed annually on the value of the vehicle as an asset too if it belonged to the business.
Posted By: archroy on April 23rd 2019 at 20:16:47
Message Thread
- Self-assessment advice please... (General Chat) - canarybirdie, Apr 23, 16:34:08
- Yes, if you look at Hmrc website (General Chat) - archroy, Apr 23, 20:16:47
- I assumed he was a sole trader given this is his tax return (General Chat) - SimonOTBC, Apr 23, 22:32:31
- Get some proper advice (General Chat) - Old Man, Apr 23, 19:48:30
- You’re over complicating it Old Man (General Chat) - SimonOTBC, Apr 23, 22:36:46
- I think the answer is yes (General Chat) - SimonOTBC, Apr 23, 16:40:58
- Sounds right, not sure about 100% if only vehicle though. (General Chat) - Men without hats, Apr 23, 16:51:51
- And remember cars are taxable as assets, vans aren’t. (n/m) (General Chat) - archroy, Apr 23, 20:19:21
- The 100% allowance is for ultra low emissions only (General Chat) - SimonOTBC, Apr 23, 17:02:21
- Oh ok, obvs for cars. Vans it's 100% anyway. (n/m) (General Chat) - Men without hats, Apr 23, 17:10:06
- Nephew has bought a new tranny and got the full amount. (n/m) (General Chat) - Men without hats, Apr 23, 18:49:04
- It might have changed but it’s only low emissions vans that get 100% in year 1 (General Chat) - SimonOTBC, Apr 23, 17:25:00
- Oh ok, obvs for cars. Vans it's 100% anyway. (n/m) (General Chat) - Men without hats, Apr 23, 17:10:06
- Just did a bit of googling and I’m pretty certain what I’ve said is right (n/m) (General Chat) - SimonOTBC, Apr 23, 16:46:51
- Couple of other things though.... (General Chat) - SimonOTBC, Apr 23, 17:00:11
- Thanks everyone... (General Chat) - canarybirdie, Apr 23, 17:39:16
- This also assumes you are in fact a sole trader (n/m) (General Chat) - SimonOTBC, Apr 23, 22:37:38
- Thanks everyone... (General Chat) - canarybirdie, Apr 23, 17:39:16
- Couple of other things though.... (General Chat) - SimonOTBC, Apr 23, 17:00:11
- Sounds right, not sure about 100% if only vehicle though. (General Chat) - Men without hats, Apr 23, 16:51:51
- Yes, if you look at Hmrc website (General Chat) - archroy, Apr 23, 20:16:47
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