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Where Taxpayers and Advisers Meet

Allowable vehicle expenses.

Amy33
Posts:1
Joined:Thu Nov 17, 2016 11:33 am
Allowable vehicle expenses.

Postby Amy33 » Thu Nov 17, 2016 11:38 am

I am self-employed, non vat registered sole trader. I am looking at getting a nearly new car and am trying to work out whether to buy one outright or get one on a pcp (I've always previously used the mileage method for my allowances). Am I right in thinking if you buy a car on pcp the monthly payments are an allowable expense along with fuel, insurance, road tax etc.. also can anything be claimed if you put a deposit down on the pcp and if you return the car at the end of the deal rather than buying it do you have to re-add some hung to your tax return?? I'm aware of the % if buying a car outight and the co2 emissions percentages. Thanks for your help :D

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