self employed / accountancy question

[Rabbithunter 456]

Right, i bought a car in may 09 and i became self employed in august 09.

 

I use the car for my work, so can i claim for the car?

 

Cheers

Edited November 19, 2009 by Rabbithunter

[Tis TM 8]

Right, i bought a car in may 09 and i became self employed in august 09.

 

I use the car for my work, so can i claim for the car?

 

Cheers

 

As in the amount you paid for your car or the running costs?

[SEAN3513 7]

it depends on the status of your self employment ( i.e sole trader , limited company etc)

 

if you want to claim the purchase price of the car the answer is no !!!!

 

but you can claim for the running costs from the date you started your accounts.

 

cheers

 

sean

[Rabbithunter 456]

thanks for replies.

 

I am "sole trader" and was wondering about the purchase price.

 

thanks

 

ps; im aware of claiming running costs, just wasnt sure about the purchase price.

 

perhaps if i was to sell it and buy it back

[SEAN3513 7]

you could sell it to yourself ?????

[trapperman 474]

screw the system any way you can mate thats what i say they only give all the tax we pay to lazy c##ts who dont want to work or slags with 10 kids by different dads or child benifit to polish kids "in poland".

rant over.

just sell it to a mate then buy it back

[AKA-BRINDLE 879]

it depends on the status of your self employment ( i.e sole trader , limited company etc)

 

if you want to claim the purchase price of the car the answer is no !!!!

 

but you can claim for the running costs from the date you started your accounts.

 

cheers

 

sean

 

Not sure how it works but my accountant breaks down the purchase price of a works vehicle over 2 tax years...you can now either have the cost of the motor back in one lump or they give you a milage rate to cover cost and repairs....depends on the amount of miles you do for work which will work in your favour...Rabbithunter speak to an accountant what they cost ya they will save you in tax

[Rabbithunter 456]

screw the system any way you can mate thats what i say they only give all the tax we pay to lazy c##ts who dont want to work or slags with 10 kids by different dads or child benifit to polish kids "in poland".

rant over.

just sell it to a mate then buy it back

[Tis TM 8]

I think you could possibly add it as invested assets - to which you could gain tax relief for your business - can you sign the car over into a business name instead of privately owned?

[Rabbithunter 456]

I think you could possibly add it as invested assets - to which you could gain tax relief for your business - can you sign the car over into a business name instead of privately owned?

 

Yes i could sign it over i guess.

 

But how would it stand for paying road tax for commercial use?

[Tis TM 8]

I think you could possibly add it as invested assets - to which you could gain tax relief for your business - can you sign the car over into a business name instead of privately owned?

 

Yes i could sign it over i guess.

 

But how would it stand for paying road tax for commercial use?

 

Its simply a running cost... you might get a percentage slapped on however, for amounts that you can claim for, saying that you could only rule 60% off to the business cost as you do use it privately also.

 

Honestly - I'd get yourself a GOOD private accountant, what he costs you in fee's he should more than save you in loop holes and things you'd never realise you could claim for.

If you do the basic book work, and keep things tidy and in order, it will reduce the fee's considerably. Try and get an ex tax inspector, they are the best believe it or not Especially if you want to sleep at night.

[rob.i 26]

As above get a good Accountant worth their weight in gold