Using car for business?

Sevenspeed

Hi, I have a sold trader business and have a private car which I use sometimes for business, yet I don't claim anything for it.
Is it possible to change the car to a 'company car'?
And if so, what motor expenses could be claimed? (Obviously it will be pro rata as a percentage will be for business and a percentage for personal use).
Could you claim all fuel receipts?
What about insurance, tax, servicing or depreciation?

It seems to be so difficult to find any info on the web - all the info is about benefit in kind for employees.

Any advice I would appreciate

mari2222

You can claim the business percentage of all your motor expenses, keeping the receipts of course.

nompere

It's not a company car - it's a car used by a sole trader for business purposes.

Revenue will generally allow 2/3rds of the expenses as business expenses - you might have to fight if you want more.

You're probably entitled to claim capital allowances, based on the original cost of the car, as well.

Talk to your accountant.

Sevenspeed

Thanks Guys.
I would estimate it at about 40% business use.
So I can claim 40% of:
fuel receipts
motor tax
motor insurance
repairs / service
100% of parking tickets (business use only).
I can talk to the accountant about the capital allowance for depreciation.
?

But I heard that I can also claim back the vat on diesel but not petrol.
Is this true? (Iam vat registered)

Sevenspeed

One other thought, does the type of can in question make any difference.
Ie. if it has high or low emissions?
Thanks

barneystinson

Sevenspeed wrote: »

Thanks Guys.
I would estimate it at about 40% business use.
So I can claim 40% of:
fuel receipts Yep
motor tax Yep
motor insurance Yep
repairs / service Yep
100% of parking tickets (business use only). Nope - parking tickets fines aren't tax deductible, park carefully
I can talk to the accountant about the capital allowance for depreciation.
? Do that

But I heard that I can also claim back the vat on diesel but not petrol.
Is this true? Yep - for 40% of your diesel, if thats your % of business usage (Iam vat registered)

.

namenotavailablE

parking tickets aren't tax deductible

Just to clarify- it's worth distinguishing between parking charges (which should be deductible- or am I wrong??) and parking fines (which definitely are not deductible).

barneystinson

namenotavailabl wrote: »

Just to clarify- it's worth distinguishing between parking charges (which should be deductible- or am I wrong??) and parking fines (which definitely are not deductible).

Oh, sorry, yes - I meant parking fines (I was assuming the Americanised meaning of parking tickets! )

Sevenspeed

Sorry I didn't mean parking fines. I mean when you put a few euros in the meter. Is this deductible?

mari2222

Sevenspeed wrote: »

Sorry I didn't mean parking fines. I mean when you put a few euros in the meter. Is this deductible?

Yes, if you have receipts.