sole trader capital allowance - cars
kev123
Registered Posts: 7 Regular contributor ⭐
Hello.
Sole trader buys a car used half for business, half personal. The car was bought on finance over five years, with a 20% deposit paid at time of acquisition.
Am I correct in thinking:
Capital allowance available on total cost, adjusted for private usage.
Interest on finance available to claim, adjusted for private usage.
Thanks,.
Sole trader buys a car used half for business, half personal. The car was bought on finance over five years, with a 20% deposit paid at time of acquisition.
Am I correct in thinking:
Capital allowance available on total cost, adjusted for private usage.
Interest on finance available to claim, adjusted for private usage.
Thanks,.
0
Comments
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That sounds about right.
Initil car cost, multiplied by CA, then proportioned to personal/business use and the business part claimed.
Interest proportion using the same percentage.
Alternatively you could look at claiming business mileage instead - it might be easier!0 -
thanks for confirming that.
i will work out the most beneficial option.0
