Help New car

[Rubybubbles]

I've just purchased a new car (not brand new it's on 54 plate) I've bought a seven seater for work, how do I go about claiming for some of the expense (if I can)

I've only just started claiming for millage (not sure why:rolleyes: use the car at least twice a week!!)

[Trouble]

you can claim 40p a mile or if its soley for childminding all the time you will have to ask the tax office, i think you have to keep logs of everything you do or buy for the car:rolleyes:

[Rubybubbles]

so the fact I've had to buy a 7 seater wouldn't count for claiming some of the expence of the purcahse of the car?? I do claime 40p per mile and write it all down

I thought even if the cars not just for business I could do something?

[Trouble]

if you use the car for childminding kids only you can claim alot but if you take your children in it i dont think you can, you can claim for car seats but only 40p a mile and any trips you do 40p a mile. i have a 7 seater but i cant claim as my daughter goes in it

[Trouble]

i think you will have to check but i asked them the same question

[manjay]

You can claim what is called capital expenses for purchase of a large item. It is quite complicated with a car as you probably won't use it solely for minding. If you have the NCMA handbook there is some information on page 102 but it does recommend you get advice from HMRCs helpline 0845 900 0444 as to the proportions you are allowed to claim.

HTH

amanda xx

[sarah707]

There is another thread about this somewhere not too long ago... a member who used to be an accountant posted and answered in really good detail...

I can't remember the exact wording but it's all to do with capital expenses and putting a % through in year 1, another % through in year 2 etc...

Sorry I can't find it just now but I know it's there somewhere... :D

[button68]

I was told you either claim for the car (complicated and you have to show the tax that you use it purely for business) OR claim the 40p mileage you can't claim both.

That 40p doesn't just cover the petrol it ecompasses petrol, tax, insurance, wear and tear etc ....

HTH

[Rubybubbles]

You can claim what is called capital expenses for purchase of a large item. It is quite complicated with a car as you probably won't use it solely for minding. If you have the NCMA handbook there is some information on page 102 but it does recommend you get advice from HMRCs helpline 0845 900 0444 as to the proportions you are allowed to claim.

HTH

amanda xx


yeah thats what I managed to find, I think for how often I'll use the car 40p per mile would be more benifical

Thanks everyone for your help

[Trouble]

we go one lots of outings as childminders at least one every couple of days;) ;)

[Rubybubbles]

we go one lots of outings as childminders at least one every couple of days;) ;)

;) ;) ;) do you think driving to school, which i can see from my house would count;) :laughing:

[sutherland]

;) ;) ;) do you think driving to school, which i can see from my house would count;) :laughing:

Would take longer to drive than to walk :laughing: but how would they know

Have seen ur new car, very nice it is too........would never persude my dh to get a 7 seater, he just wouldnt have it, says it would make him feel old!

[Rubybubbles]

Would take longer to drive than to walk :laughing: but how would they know

Have seen ur new car, very nice it is too........would never persude my dh to get a 7 seater, he just wouldnt have it, says it would make him feel old!

;) Jon been calling it my bus:mad: :laughing:

[sarah707]

;) Jon been calling it my bus:mad: :laughing:

Hehe! That's what we call the Lucida!:D

Anyway, here's the answer about putting the capital cost of something big like a car against tax... I can't remember who posted it :blush: sorry! But it is quoted from tax notes they got on a course...


"Certain equipment cannot be claimed as an expense. Relief is given for wear and tear in the form of capital allowances over a number of years. Capital expenditure needs to be recorded separately from other day to day running costs. Capital expenditure covers anything deemed to be an asset to the business, usually something that has a re-sale value. This tends to be larger items such as a computer, printer, cots, pushchairs, etc.

To calculate capital expenses, you need to record
1, What was bought
2, Date and cost of purchase
3, Proportion of business use
4, Any items sold
5, Date and amounts received if sold

Most equipment attracts a first year allowance (FYA).

FYA works like this.

You buy a computer for £500. FYA on this would be £250 and the residual value would be the remaining £250. The following year you can claim a further 25% of the remaining £250 which would be £62.50. The following year you can claim a further 25% of the remaining amount which would be £46.87 and so on until the item is sold or replaced.

FYA are apportioned for private use."

[buildingblocks]

;) ;) ;) do you think driving to school, which i can see from my house would count;) :laughing:

no but don't forget if you use it to go on a training claim, if you are going for shopping for hte children claim, if you are going to town to bank money , claim (sorry if you already know that)

[Rubybubbles]

no but don't forget if you use it to go on a training claim, if you are going for shopping for hte children claim, if you are going to town to bank money , claim (sorry if you already know that)

no it all helps thanks, can I claim for trip out to groups ect that I need to drive? I'm taking it anything to do with work I can??