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Purchasing a car through your limited company. The tax treatment of the purchase costs depends on how the vehicle is financed. If a loan is taken out to purchase the vehicle or the vehicle is purchased on Hire Purchase, only the interest payments are an allowable company expense. Your company is also able to claim Capital Allowances to gain.. 1. You buy (or lease) the car privately, just as you would if you weren’t a company director. 2. You keep a log of your business travel. This is simply the number of miles you drive in your car for business purposes. Trips to clients, suppliers, conferences, training days and your accountant all count as business travel.
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Under 130g/km – 18% of the purchase price can be deducted from annual profits each year. New cars with CO2 emissions under 50g/km – 100% of the cost of the car can be deducted in the first year. When it comes to claiming company car expenses, you should also be aware that; If you take out a business loan to pay for a vehicle, then only the.. Essentially there are three categories of car to consider for Capital Allowances claims. If the car’s CO2 emissions are 75g/km or less, you can deduct 100% of the cost of the car from the company’s profits in the year that you buy the car, provided that the car is purchased brand new. If the CO2 emissions are between 76g/km and 130g/km then.
