Hi A/W
If a sole trader uses their own car for business purposes, and claims / charges the business x number of miles at 45p / 25p mile - does this remove the abilities for the sole trader to claim capital allowances on the proportion of the cost of the vehicle used for the business?
My understanding was that is does, as the 45p / 25p includes an element of depreciation to the vehicle in addition to fuel, insurance elements etc.
Is my thinking correct here?
Replies (9)
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You either claim the 45p per mile or the business proportion of all other vehicle costs, including capital allowances.
You either claim the 45p per mile or the business proportion of all other vehicle costs, including capital allowances.
All other vehicle costs apart from tolls, parking, HP interest, etc
The ones you have mentioned aren't vehicle costs, The first two are travel and the third is the cost of finance.
The ones you have mentioned aren't vehicle costs, The first two are travel and the third is the cost of finance.
The first two aren't travel - especially not parking as you clearly aren't 'travelling' anywhere. At best storage.
In any case, the costs are related to the passage, storage, or financing of what, would you say..............?
Nice try, but your banter/one-upmanship skills need a lot of work.
In any case, the fact remains that the costs highlighted by me are claimable in addition to the mileage rate, and the HP costs was a helpful pointer based on the OPs mention of CAs.
As for the other stuff, you keep putting parking and tolls (and probably by extension RFL and all sorts of other Motoring costs) in travel expenses and I'll keep them in MRE. Maybe one day we will all reach the utopian state of a 'Motor and travel expenses' nominal code............
Nonsense !
Travelling by motor car is motgoring. Travelling by train is training.
It's obvious.