Car for business use only.

[gremlin]

Hi,

Just wondered if anyone knew if you can buy or lease a car just for childminding use and put it through the books as well as all fuel costs and tax etc.

Thanks Sarah

[rickysmiths]

Yes you can but I would advise speaking to a good Accountant about it.

I bought a new car in May last year and am keeping records through the year to see if depreciation is better than 45p per mile because I can off set a % of the loan as an expense.

[Chatterbox Childcare]

If you purchase a car you would take your business percentage and apply it to the car costs, including capital depreciation, interest, MOT, petrol, repairs, car washes etc.. The size of the car ommissions determines the percentage you can claim for capital depreciation.

Leasing - I don't know

Would advise talking to an accountant.