Car allowance & Loan finance interest exemption

M

mark_d

Guest
Hi,

I going for an allowance from my company instead of a company car, as BIK is too high my liking. I'm looking to buy my own car and one of the guys in my job reckons I can claim against the interest on the finance from a car dealer? I can't see anything about this on the Revenue.ie website.
Also, if it is possible does that mean I'd be declaring I'm using it for business use and hence contradict any insurance policy if it were under social/ personal use?

Thanks
 
The car will have to be insured for commercial if youn are carrying goods
so your insurance Company will tell you that.
You will get the agreed civil service mileage amount which you will find on revenue.ie
I think it is 1.14 Euros for the first 4k and 58 cent per mile after that for that particular tax year.
All the running costs will be yours.
All the infor is on revenue.ie
Hope that helps
 
I don't think you can claim interest. You will need to notify your insurer, but you won't necessarily be loaded. It depends on your business milage and whether you'll be carrying goods or not. The milage expenses that you get from your employer depend on your employer's policy, which may not be the same as civil service rates.
 
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