My car and the Tax Return...

[Nix]

I am looking for a bit of help, once again!

I have looked in the NCMA book about claiming for cars and am unsure what to do as everyone does it differently!

SHould I claim mileage at 40p and nothing else or could I also claim insurance, servicing, MOT etc.

What about capital allowances? I only got a seven seater for the childminding and use it a minimal amount at the weekends. If I claim it as a capital allowance can I still claim insurance, servicing etc?

I'd appreciate your comments.

Thank
Nix, x

[berkschick]

We were told that the 40p a mile works out much better than going through the capital allowance thing.

[loopylu]

I am claiming the 40p per mile instead of capital allowance, it seems a bit complicated to be honest! I will also put through my tax, insurance, mot etc., as a %'age of useage.

[flora]

I am looking for a bit of help, once again!

I have looked in the NCMA book about claiming for cars and am unsure what to do as everyone does it differently!

SHould I claim mileage at 40p and nothing else or could I also claim insurance, servicing, MOT etc.

What about capital allowances? I only got a seven seater for the childminding and use it a minimal amount at the weekends. If I claim it as a capital allowance can I still claim insurance, servicing etc?

I'd appreciate your comments.

Thank
Nix, x

If you bought your car purely for childminding and put it through the books as such, then you claim capital allowance, which decreses by 25% each year.

You can claim all running cost to do with that vehicle but you have to prove that it is business not personal, so you have to keep accurate records.

Account also have to be more detailed if you go down this route and it is often easier to claim just the 40p a mile as cm's get special dispensation from the tax office to submit simpified accounts.


You are probably best off doing rough workings to see which route is best 4 you financially :D

Hope this make sense:thumbsup:

[Nix]

Thanks girls:D
Nix, x