Treatment of a rally car used for the business
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samglynn1
Registered Posts: 1
Hi Everyone,
I hope someone can give me a bit of advice on this one. How would you treat a car that is used on racetracks for clients to drive but that can also be driven on the road? The car is driven to each track and then used on the track by clients. This car is only used to get to each track and for client use and is not used for any personal trips by the company director at all (he has another car that he uses day to day).
I'm just wondering how I would deal with fuel for this car and also any repairs etc. I would guess that I can just put all fuel and expenses though as a business expenses as there is no personal use at all. I think it's just the fact that it is also driven on the road to each venue that is making me think twice!
Thanks for any advice
I hope someone can give me a bit of advice on this one. How would you treat a car that is used on racetracks for clients to drive but that can also be driven on the road? The car is driven to each track and then used on the track by clients. This car is only used to get to each track and for client use and is not used for any personal trips by the company director at all (he has another car that he uses day to day).
I'm just wondering how I would deal with fuel for this car and also any repairs etc. I would guess that I can just put all fuel and expenses though as a business expenses as there is no personal use at all. I think it's just the fact that it is also driven on the road to each venue that is making me think twice!
Thanks for any advice
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Comments
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I would just treat it as an expense. If it is the main activity of the business, I may be persuaded to put it as a direct cost but other than that I don't think there is much to it really.
AAT Level 2&3 - 2016
AAT Level 4 - 2017
Personal Tax, Business Tax and External Auditing
ACA/CTA -
Certificate Level - Jan 20190
