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New Car
I'm buying a second hand S-Max for work. I will solely use it for childminding. It's costing over £10,000 and I'd like to put it through expenses. I don't do that many miles so it probably isn't worth me claiming the 45p a mile. How do I work out how much to claim using the other method?
Thanks,
Linda.
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You are allowed to put through a percentage of the cost of the car each year as a capital allowance. How much you can put through depends on the vehicle emissions and is on HMRC site somewhere. If it is used 100% for minding you can put all other costs through but you will need to keep a record of mileages and if you use the car for personal ever you need to record it. If you claim it through your accounts it becomes a business asset and when you sell it you will have to put whatever you get for it through your accounts as income.
Claim capital allowances - GOV.UK