MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
Sorry if this is a very basic question. Doing my tax self assessment and I bought a used diesel car in the last tax year. Used for work and family. Can I put it down as capital allowance? I’ve read about main rate at 18%... so do I claim 18% of purchase cost divided by the percentage I use it for work? Or another calculation. I use cash basis accounting.
Thanks in advance
That's the way I do it, my accountant books 90% of all my vehicle costs including depreciation etc as a business expense, percentages will vary from person to person dependent on how many personal miles you do versus business miles.
Your car (or the percentage of it you use for business) is just another depreciating capital asset.
I thought here was a calculator on HMRC website?
I are un injineer not an accountant.
Thanks