Wedding Car

Wedding Car

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Hi,

I am contemplting a new client who has a Bently and is looking to do private hire work, weddings airport runs etc.

I have little experience of this business and wondered;

CA's on Expensive car (Value £40,000)

How is the car treated re Capital allowances its 100% use if business so would there be

CA's on its substantial cost or limited to the new rules with the 10%/20% flat rates?

Running costs

I presume all running costs are deductible, as no private use

Private hire training and licences

What about all the specific costs of getting a Private hire licences and training for the owner proprietor I assume these are all deductible.

Notifying self employed.

He already has another consultancy business, receives, tax returns etc etc, If he commences a new self employment with the car hire, I presume he can just record details as a new trade on his routine tax return rather than fall foul of any registration needs?

any hints gratefully recieved, have had a look at the practitioner's manuals on HMRC site but nothing to really inform me on there.

thank you

Brendan

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By Steve Knowles
28th Oct 2011 16:41

Bentley

If bought after 5 April 2009, the new rules will apply for CAs - ie 10%/20% based on emissions.

If there is absolutely no private use,all running costs, licence costs etc will be deductible, but training costs are only allowable where it relates to maintaining an existing skill - costs to acquire a new skill should be disallowed.

If he is already registered as self-employed, there is no need to notify HMRC of the new trade until the SA return is completed.

 

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