If you are a director or employee of a limited company you can claim for your motoring expenses in one of two ways:
So what are ‘Company Cars’?
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You record your business mileage and you are repaid at an agreed amount per mile.
The company buys or leases a car for you and pays for all its running costs.
You will have a taxable benefit in kind if the company pays for the car - the amount of this depends on the CO2 emissions of the car and the fuel type.
There are many “green” cars available now with lower tax.
Which to choose?
If you own your limited company then it is important to make sure you are claiming your motoring expenses in the most tax efficient way. This will depend on the type of car and its CO2 emissions, how many business miles you do, how much you spend on fuel and other running costs and whether you lease or buy the car……
This is complicated but we can advise you on the best way in your individual circumstances.