Skippy junior has a public service job. His missus is a driving instructor. She is currently finalising her tax return for last year.
During 2022 she replaced her dual-control car (an essential tool of her trade) for a new one. Because her income was considered too low, her husband had to take out a car loan for her (he already has his own car). Her accountant has recently advised her that she may not be able to claim tax relief on the car finance as the loan isn't in her name. She is making the loan repayments from her income, the new car is in her name and her spouse is deriving absolutely no benefit from the loan that he took out. She is now worried about claiming this legitimate business expense.
In the circumstances, is there any possibility that Revenue wouldn't allow her to claim the costs of the car finance? Thanks in anticipation.
During 2022 she replaced her dual-control car (an essential tool of her trade) for a new one. Because her income was considered too low, her husband had to take out a car loan for her (he already has his own car). Her accountant has recently advised her that she may not be able to claim tax relief on the car finance as the loan isn't in her name. She is making the loan repayments from her income, the new car is in her name and her spouse is deriving absolutely no benefit from the loan that he took out. She is now worried about claiming this legitimate business expense.
In the circumstances, is there any possibility that Revenue wouldn't allow her to claim the costs of the car finance? Thanks in anticipation.