Hi All,
I'm a private landlord, and also someone who's looking to run a mobile guitar tuition business, and potentially longer term looking to monetise from internet media content. I've read some conflicting views on the subject of car finance expenses/write offs and wonder if anyone here can help shed some light on the situation for me. I have three questions really :-
1) :- As a sole trader, if I were to purchase a car on finance lease purchase, to be used largely for the business. But also potentially for personal. What parts of owning and paying for that car are tax deductible? Are there options available to us? such as, the interest payments on the finance agreement? mileage? Also, what different options are there if the car finance lease purchase is used WHOLLY for the business?
2):- If I were to become both landlord & sole trader, If I keep everything in my name, rather than a company, are the profits and expenses all pooled together? or are they treated separately? I.e if I purchased a car on lease purchase for my guitar business, can I still use that for landlord stuff without it being classed as 'personal use' ?
3) :- Lastly, in the example of me buying a supercar to use wholly and exclusively for internet media content, is that a good example of where I could write off the interest payments on any finance agreements for that sort of thing?
thanks, really appreciate any help on this one.
Geddy
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