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Car operating lease allowable expenses

Car operating lease allowable expenses

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If I am a sole director of limited company with a company car on an operating lease, as well as the lease expense itself (ignoring VAT), can I claim all other expenses associated with running of car eg fuel, car insurance?

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By gillybean04
22nd Oct 2021 19:01

Your accountant should be able to correctly advise what allowances, reliefs or expenses can be claimed, how they can be claimed and which would be best for your company. As they will be familiar with the relevant details.

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Replying to gillybean04:
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By David Ex
22nd Oct 2021 19:15

gillybean04 wrote:

Your accountant should be able to correctly advise what allowances, reliefs or expenses can be claimed, how they can be claimed and which would be best for your company. As they will be familiar with the relevant details.

Agree. Doesn’t make sense to try and do it yourself when the costs of getting it wrong are potentially significant.

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Psycho
By Wilson Philips
22nd Oct 2021 19:17

As the question is written, the answer is almost certainly “no”.

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RLI
By lionofludesch
22nd Oct 2021 19:29

You can't claim any of that.

You just get stuck with the benefit in kind.

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By Eazybean
22nd Oct 2021 20:15

Sorry, I should’ve been clearer, when I say can I claim, I actually meant can the company claim insurance and fuel as an expense with operating lease.

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Replying to Eazybean:
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By Paul Crowley
22nd Oct 2021 21:50

Look up benefits in kind
Fuel in particular, it is extra to car
Ask your accountant how much extra tax you will pay
We do not know because we have no idea what car it is
But ask him before you start the lease and get company paid fuel

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