buying a car re best tax options

[judipoo]

HELP i need to replace my broken zafira asap as I am car less!! Must have one when i start work again after xmas hols. Looking at a 9 seater but it ll have to be a loan or a lease. Its 90% business use. whats the best way for tax? can i put the lease cost or loan cost through as an expense? also is it best to stick with the 45 p milleage or put it as a capital expense? need to do it and find a car really quickly but panicking as working extra hours then with christmas not sure how its all gonna pan out. Any advise please ......

[shortstuff]

Im sorry im not sure. But if its 90% business I think you can only claim 90%.

Hopefully this will bump so someone who does know will answer :-)

[The Juggler]

not sure of the tax info - pm mr anchovy maybe?

If you are going for new then lease if probably best option as you often get breakdown and tax thrown in for 2 years or so but if second hand then I'd go for bank loan (unless dealer offers good finance rates).

Go for a diesel as tax is less. Does it have to be a 9 seater? The engine size makes a huge difference to your road tax and insurance bill? I'd try to go for another 7 seater with a smaller engine?

good luck - what a mare at christmas time.

[Chatterbox Childcare]

It depends on what you are buying and how much you are spending aswell as business use.

If you are going down the CD route you have work out the actual percentage of business use and then allocate this to all your car costs, service, mot, insurance, petrol, cleaning, service, repairs etc.. If you do this you need to do the same method until you sell or no longer use the car for business use. You can also claim Capital Depreciation based on the business use too.

My advise is to buy your car whichever way is best for you (I believe you can claim the interest on a loan either way CD or .45p) which will also be based on business percentage. Look at how much you use the car and at the end of the tax year decide which way you want to go.