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car leasing for business
- Thread starter Gary
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Need to understand your requirements...
Is this for a business you own (i.e sole trader, Ltd co. etc)? Do you have a co. car at the moment?
What sort of car are you after?
What business/personal mileage do you?
Can you claim business mileage from the firm?
Are you a higher rate tax payer?
Are you VAT registered? (You can claim half the VAT back on leases)
As you can see asides from the cost of the lease itself most of my questions are geared around tax planning
Is this for a business you own (i.e sole trader, Ltd co. etc)? Do you have a co. car at the moment?
What sort of car are you after?
What business/personal mileage do you?
Can you claim business mileage from the firm?
Are you a higher rate tax payer?
Are you VAT registered? (You can claim half the VAT back on leases)
As you can see asides from the cost of the lease itself most of my questions are geared around tax planning
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Gary
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Is this for a business you own (i.e sole trader, Ltd co. etc)? Do you have a co. car at the moment? sole trader
What sort of car are you after? medium size diesel - looking at new mazda 6 probably
What business/personal mileage do you? 25k a year
Can you claim business mileage from the firm? yup
Are you a higher rate tax payer? no
Are you VAT registered? (You can claim half the VAT back on leases) no
As you can see asides from the cost of the lease itself most of my questions are geared around tax planning
looks like you are the right person to ask!
What sort of car are you after? medium size diesel - looking at new mazda 6 probably
What business/personal mileage do you? 25k a year
Can you claim business mileage from the firm? yup
Are you a higher rate tax payer? no
Are you VAT registered? (You can claim half the VAT back on leases) no
As you can see asides from the cost of the lease itself most of my questions are geared around tax planning
looks like you are the right person to ask!
You need to work out if its beneficial to lease/buy a car in either your trading name or from a personal perspective.
If its a company car you will be subject to tax on the car itself and the fuel (if applicable), but the car will be paid before tax deductions.
If you own the vehicle you will be able to reclaim 40p per mile on business mileage but you will have to pay for the car out of your own pocket i.e after tax deductions.
Can you find out a typical list value and co2 of the mazda 6?
Have you had any idea of a typical lease/contract hire amount?
If its a company car you will be subject to tax on the car itself and the fuel (if applicable), but the car will be paid before tax deductions.
If you own the vehicle you will be able to reclaim 40p per mile on business mileage but you will have to pay for the car out of your own pocket i.e after tax deductions.
Can you find out a typical list value and co2 of the mazda 6?
Have you had any idea of a typical lease/contract hire amount?
Forgot to add this link which summarises finance options:
http://www.moneysupermarket.com/car-leasing-guide/1/
http://www.moneysupermarket.com/car-leasing-guide/1/
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A very good friend of mine is a partner in Yorkshire Vehicle Finance and can do everything from Corsa to Ferrari. They are a business only lease company and i can highly recomend them.
Not sure if i can post a link but google them for thier website.
Not sure if i can post a link but google them for thier website.
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Gary
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thanks guys
i hadnt considered a personal lease, but i think that would actually make the most sense. as i'm not registered for VAT it would probably be better to take a personal lease and charge my company 40p a mile. at the moment my current car is costing almost 40p a mile, which is why i need to change it to something cheaper.
I'll google YVF too - thanks for the link
i hadnt considered a personal lease, but i think that would actually make the most sense. as i'm not registered for VAT it would probably be better to take a personal lease and charge my company 40p a mile. at the moment my current car is costing almost 40p a mile, which is why i need to change it to something cheaper.
I'll google YVF too - thanks for the link
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Oh and BB if you do talk to them, speak to Graham Britt as i might get a "drink" out of him.