MrsMinder
08-05-2014, 08:11 PM
Hi
Hoping someone may be able to help. I'm just sorting out our first year's accounts, and wondering the best way to treat our car expenses. I'd originally planned on using the flat 45p per mile approach. However, we lease a car (personal lease, but a straight lease as opposed to hire purchase or PCP). I've just worked out that the business mileage accounts for 35% of the miles done on the car this year (it was new in April, makes things easy!) and 35% of the lease payments alone is more than the mileage we could claim. Plus other expenses - insurance, servicing/repairs, petrol etc.
Is it ok to do this i.e. calculate all the costs of our car over the year including the lease payments and allocate 35% to the business?
I've seen info about when you buy a car and capital allowances but struggling to find anything minder specific about leases.
Any help would be appreciated
Thanks
Hoping someone may be able to help. I'm just sorting out our first year's accounts, and wondering the best way to treat our car expenses. I'd originally planned on using the flat 45p per mile approach. However, we lease a car (personal lease, but a straight lease as opposed to hire purchase or PCP). I've just worked out that the business mileage accounts for 35% of the miles done on the car this year (it was new in April, makes things easy!) and 35% of the lease payments alone is more than the mileage we could claim. Plus other expenses - insurance, servicing/repairs, petrol etc.
Is it ok to do this i.e. calculate all the costs of our car over the year including the lease payments and allocate 35% to the business?
I've seen info about when you buy a car and capital allowances but struggling to find anything minder specific about leases.
Any help would be appreciated
Thanks