Reimburse Private Mileage @40p - Can I Claim Tax Relief on the HP for the car?

[a_911_man]

Hi, I'm an director who's company reimburses me for Private car Mileage @40p and 25p per mile - can I also claim Tax Relief on the business portion of the HP interest for the car? Thanks

[cranleys]

Unfortunately you cannot claim any motor costs or finance connected with the motor.

Always available to assist.

Colin Davison
colin.davison@cranleys.co.uk

Editor - Property Tax Secrets 2005

Cranleys Chartered Accountants & Property Accountants
01256-766655
07766-714000

Always seek good professional support before making any decisions - individual specific advice is needed due to the complexity of individual circumstances.

[deanshepherd]

You used to be able to claim for loan interest in addition to the mileage allowance but this was abolished together with the Fixed Profit Car Scheme in April 2002.


Dean Shepherd
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk