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Where Taxpayers and Advisers Meet

Considering buying an electric car, sole trader

billyg
Posts:119
Joined:Wed Aug 06, 2008 3:47 pm
Considering buying an electric car, sole trader

Postby billyg » Sun Sep 29, 2024 11:10 pm

Hi, I am a sole trader not doing a lot of mileage, also a landlord travelling to my properties for various reasons, usually checks and maintenance.

My income isn't very high, I think I would pay around 5k tax, but wondering if it's worth buying a new electric car, dacia at 15k.

It seems like I can claim 100 percent of the purchase price against tax.

Am I right in thinking that would basically be the equivalent of a 15k tax expense to take off my profit?

Eg profit 20k - 15k tax payable on 5k.

How would that work if I use it for part personal use in the second year of ownership?


Thanks

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