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In my new job i'm gonna be doing about 400 miles a week, would leasing be a good idea? I get 40p a mile...
if your self employed i think you can claim back 85% of the leasing cost..
If you get 40p per mile for 400 miles per week then you are going to be taxed on some of it. The maximum without being taxed is 45p per mile for first 10,000 and 25p per mile for everything after that. Leasing would be an option worth considering IME. Look at some of the diesel BMW's, unlimited mileage warranty, car tells you when it wants a service and what it wants (I get 20,000 miles between oil changes) and fuel enconomy is very good, I can get 50+ mpg (got over 62mpg on a 400 mile round trip on Monday and was still home in time for dinner) on a 4 year old 3 series and the new ones are even better.
totalshell - Member
if your self employed i think you can claim back 85% of the leasing cost..
POSTED 2 HOURS AGO # REPORT-POST
If self employed (ie, sole trader, not registered company), 100% of lease cost is tax deductible. If VAT registered then 50% of VAT can be claimed back too. If the lease includes maintenance then that too is tax deductible and 100% of VAT claimed back.