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advice sought on buying a company vehicle
About to replace my vehicle for work. Its a ltd company with me as sole director. Should i buy the vehicle and claim mileage as i do now or will i be better off buying through the company? Obviously claiming back the vat is a big advantage but what are the other pros and cons?
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3 Replies
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Don’t really know, but I think it’s all about getting your tax down, by claiming back depreasiation on the vehicle and interest on the loan. I say loan as we were told off by our accountant for buying a van outright.
As well as fuel,repairs etc
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I am waiting to hear back from my accountant on this but i was planning on buying something outright – why did they tell you not to?
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quote Ewan Chrystal:I am waiting to hear back from my accountant on this but i was planning on buying something outright – why did they tell you not to?
because i was using cash that could be helped to grow the company more or be used as operating capital.
interest and depreciation on the loan and the vehicle helps lower your tax – from what i remember, he does go on abit LOL
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