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Business Vehicle- Buy or Lease

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  • 19-11-2012 12:22pm
    #1
    geoff2915
    Registered Users Posts: 21 ✭


    The car I use for my business has just died and needs replacing. This car was personally owned with petrol expenses etc paid from my business.

    For my next car is it best to lease/hire purchase and put through the business? I presume there may be tax reasons to do this as well as spreading the cost.


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    #2
    The Apprentice
    Registered Users Posts: 1,130 ✭✭✭The Apprentice


    There are lots of variables to this as to why and why not.

    Ask your accountant to go through with them, as i may leave out some..


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    #3
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    The Apprentice wrote: »
    There are lots of variables to this as to why and why not.

    Ask your accountant to go through with them, as i may leave out some..

    They mainly relate to the tax efficiency and depend on business versus private mileage mix, BIK and the cost and type of vehicle, even your company structure could have a part to play! A real minefield that needs evaluation based on your actual personal situation to make the best choice.

    The Apprentice is spot on recommending doing the exercise with your accountant.

    Cheers

    Peter


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