LLP and Car Purchase / Taxation advice

[MJ-LLP65]

Help!

I have have my own business, LLP, 2 partners. I previously purchased and ran my own cars and claimed mileage rate back at 45p/25p BUT as circumstances have now changed and looking at the actual split I have been covering 13k miles a year of which only 7.5% have been for private use. So can you please advise;

I am going to purchase a 1 yr old car purchase price £38k and will keep for a further 3 years

Can you please advise how I can best achieve this through the LLP? Things like Depreciation, Insurance, Fuel, Servicing, Tyres etc. need to be considered as well as the purchase price. Should I provide a loan/cash injection to the company then how is that best managed?

I would really appreciate advice on how best to achieve best tax efficiency on the above.

[Ian McTernan CTA]

Ask your accountant, they should be able to help.

If you don't have one, then I assume you are suitably qualified to handle a LLP and all the rules pertaining to them, or you are potentially storing up a lot of future problems.

Trying to save money and do things yourself will probably end up costing you more in the long run- for instance, is there a partnership agreement?

[MJ-LLP65]

I have an accountant however he has always wanted me to run as a Ltd company and I get the impression may not be LLP expert, though has managed the accounts the last 4 years, but I provide everything clearly spread sheeted for him to put in the correct part of the accounts.

I will ask him but need a basic understanding before doing so. If anyone can provide an insight how they handle this within their own LLP or an LLP they provide accountancy services for and the HMRC expectations that would be a fantastic start.