UK Self positioning. Payments?
Joined: Sep 2001
Posts: 344
Likes: 0
From: At the foot of the Lammermuirs
Remember that if you do use your car for company business you can claim the difference between the IR approved amounts and what your company pays you. Plus you can apportion the business mileage element of any interest payments on the car. For example:-
If you have a car with an engine > than 2000cc the IR allow you to claim up to 63p per mile for the first 4,000 miles and 36p for all mileage over 4,000.
VAT says his company pays 35p per mile therefore he is entitles to claim tax relief on the other 28p. The tax relief on interest is more complex and you need to read the booklet.
The IR publish a booklet - IR125 - that has full details. It can be ordered at:-
[email protected]
Last year I received a tax rebate of over £800!
If you have a car with an engine > than 2000cc the IR allow you to claim up to 63p per mile for the first 4,000 miles and 36p for all mileage over 4,000.
VAT says his company pays 35p per mile therefore he is entitles to claim tax relief on the other 28p. The tax relief on interest is more complex and you need to read the booklet.
The IR publish a booklet - IR125 - that has full details. It can be ordered at:-
[email protected]
Last year I received a tax rebate of over £800!
