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Claiming business expenses on private car

mickdw · 2017-02-06 14:29:54

Ok so ive been claiming a small percentage business use on my current private car as Im self employed, sole trader. Current car capital cost qualifies to be claimed at a rate of 3000 per year for 8 years. Ive been doing that but at a small percentage for business. Similarly claiming for motoring running costs. Now I plan…

06-02-2017 3:29pm

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mickdw

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Ok so ive been claiming a small percentage business use on my current private car as Im self employed, sole trader.
Current car capital cost qualifies to be claimed at a rate of 3000 per year for 8 years. Ive been doing that but at a small percentage for business. Similarly claiming for motoring running costs.
Now I plan to buy a new / nearly new car in a suitable tax band that again allows this 3000 yearly claim.

Im just querying whether the financing method has an effect on this.
Should this be handled differently if on pcp versus traditional finance versus cash purchase?

Also, could someone clarify how balancing charges are worked out re disposing of old car and is there any issue in this regard re selling car privately.

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