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LTD Company car expense

  • 12-08-2007 9:43am
    #1
    MonkeyWrench
    Registered Users, Registered Users 2 Posts: 385 ✭✭


    I have been in IT contracting for the last few months and still getting feedback on what I can or cannot add as a company expense. One thing I have claimed for so far has been petrol costs going from A to B and maintenance costs on the car such as new tyres etc. I only recently thought over the weekend that maybe I should be putting in my monthly car loan as an expense too. Is this feasible? If this is the case shouldn't car insurance and tax be under that bracket too then...?


Comments

  • #2
    Newaglish
    Registered Users, Registered Users 2 Posts: 2,734 ✭✭✭Newaglish


    When you say driving from A to B, do you mean from home to work or from one work site to another? You can't claim expenses for the cost of getting in to work in the morning or going home at the end of the day unfortunately!

    Otherwise, i'm not really sure, car expenses can be kinda tricky because it's difficult for people to reliably establish what counts as personal and business use. I think you have to have some sort of percentage agreed with the Revenue, and then all of your costs can be apportioned that way.

    You can't claim back the costs of buying the car (ie. the loan), but you should be able to claim capital allowances (you write off 12.5% of the cost of the car over 8 years). Again, there are some restrictions for motor cars but i'm sure someone with a little more tax knowledge than myself can explain it to you better!


  • #3
    mik_da_man
    Hosted Moderators Posts: 9,980 ✭✭✭mik_da_man


    I was advised to pay yourself a Milage allowance.
    I think it's 80 cent /Km

    But you can't go claiming Petrol, Tyres and servicing on top of that :D

    Mik


  • #4
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    MonkeyWrench wrote:
    I have been in IT contracting for the last few months and still getting feedback on what I can or cannot add as a company expense. One thing I have claimed for so far has been petrol costs going from A to B and maintenance costs on the car such as new tyres etc. I only recently thought over the weekend that maybe I should be putting in my monthly car loan as an expense too. Is this feasible? If this is the case shouldn't car insurance and tax be under that bracket too then...?

    revenue approved mileage rates only for business miles.

    they are designed to cover all the outlay u incurr on havibg the car.


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