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Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.
What exactly are you trying to do?
I am an UK accountant. Many users of JA are located in the UK.
I have already asked you to expand upon your original question.
I cannot do that, the Just Answer system does that automatically.
Have you considered making a contribution to a pension fund to reduce your overall tax liability?
You can go back up to 3 years to mop up unused contribution levels.
Apart from reimbusdement for expenses I cannot think of any.
Cspitsl Allowances (CAs) on cars are very complex these daya. What sort fo vehicle are you considering.
As this vehice is being bought on the company your personal tax would be charged the BIC percentage. However, for this car the first year allowance at 100% could be claimed through capital allowances.
It applies to all capital items acquired for business purposes.
You are allowed a capital allowance of 40K in the accounting year the vehicle is bought which is set against tax in that year.
It depends who bought the car, you or the company.
Thank you for your support.
Then the company gets the capital allowance. This does not necessarily have to be claimed in thr year of purchase, but part can be deferred as convenient.
Well, yes and no, the current rate of Corporation Tax (CT) is 19%, 18 % from next April.
Well sort of, but most capital allowances are Annual Investment Allowances at 100%; cars bo not come into those though. the amount of allowance varies with the carbon dioxide emission levels.
Yes, the car would from a single asset pool.
That is not surprising because there is no writing down allowance as it can be written off in one tranche unless it is more tax efficient to spread it over subsequent accounting years.
Most business capital items are written off at 100% through the Annual Investment Allowance (AIA), motor vehicles are an exception and go into a pool.
From mileage records showing business and personal use.
Depends on the mileage from which can be derived a percentage use.
I cannot tell you without the mileage records. If you did 2000 private and 5000 miles business then just over 70% of vehicle costs would be allowable.
Not according to the Gov UK Web Site where no such restriction is mentioned.
I am off to bed too.