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View Full Version : buying new car - how much can i claim



lilliuspillius
23-07-2010, 12:35 PM
hello all, we are thinking about replacing my grand scenic with another similar sized car, but a brand new one, on lease purchase, where you pay a deposit and then pay so much each month and at the end of three years, trade in for another new one and start again.....

My question is, as i am going to be childming full time as of September, can i put the car through my books? either all of the payments, or at least a percentage of it?

How do i decide how much to put through?

Any help would be greatly appreciated.
many thanks

mushpea
23-07-2010, 01:10 PM
as I understand it you can either -- claim for the car as capital gains over the course of the cars life time or claim 40p per mile or claim for things like the mot, work done, tax, petrol ect as you go along but you cant do all 3.

heatherw
23-07-2010, 01:23 PM
as I understand it you can either -- claim for the car as capital gains over the course of the cars life time or claim 40p per mile or claim for things like the mot, work done, tax, petrol ect as you go along but you cant do all 3.

I thought you could only claim the cost of it or 40p per mile. If you claim 40p per mile this covers all other expenses you incur.

Carol M
23-07-2010, 01:23 PM
I thought you could claim the depreciation on a new car for the first few years AND all costs like insurance, tax, servicing, petrol , cost of purchace loan, either 100% if it is solely for childminding ( if you have a family car or don't use one for private, and your business milage can be accounted for) OR the 40p per mile option.
If you choose the first option and use it for private you must work out the % used for business and claim this % on all other costs.
Debbie will be along soon to put me right,I'm sure.
Carol x

Chatterbox Childcare
23-07-2010, 02:15 PM
If you purchase a car for childminding I understand that there are 2 ways of claiming:

1. .40p per mile and nothing else

2. Depreciation whereby you keep a log of all mileage and claim the business percentage of all your car costs. You can also claim for interest on a loan and depreciation on the purchase price with the actual percentage based on the omissions of the car. This is all explained in the Inland Revenue notes that are in the download section of resources which Pauline updated this month

Lastly and I would check this with the IR if you lease a car you can claim the full amount - PLEASE CHECK THIS as I am not 100% on lease costs

lilliuspillius
23-07-2010, 02:36 PM
many thansk everyone for your advice.