M mrt Registered User Messages 12 30 Oct 2011 #1 I am a sole trader, can I write the entire jeep off as a company expense ? Is there still Benefit in Kind, considering its a commercial Jeep and they have this new law saying it has to be driven for business? Tom
I am a sole trader, can I write the entire jeep off as a company expense ? Is there still Benefit in Kind, considering its a commercial Jeep and they have this new law saying it has to be driven for business? Tom
K kennyb3 Registered User Messages 269 1 Nov 2011 #2 You sound incredibly confused. You're a sole trader - so dont use the word company, use the word business. They are totally different. As a sole trader there is no BIK. You get capital allowances but would only get a % as there would likley be personal use. It sounds like you could do with some professional advice to be honest, so go see your accountant
You sound incredibly confused. You're a sole trader - so dont use the word company, use the word business. They are totally different. As a sole trader there is no BIK. You get capital allowances but would only get a % as there would likley be personal use. It sounds like you could do with some professional advice to be honest, so go see your accountant
O onq Registered User Messages 4,388 1 Nov 2011 #3 An efficient way to run a car through your books legally as a sole trader used to be to lease-purchase it over five years. Apparently you are writing off a financial service arrangement as opposed to depreciating an asset. This was back in 2000 and I'm not an expert here guys, so feel free to correct me. ONQ.
An efficient way to run a car through your books legally as a sole trader used to be to lease-purchase it over five years. Apparently you are writing off a financial service arrangement as opposed to depreciating an asset. This was back in 2000 and I'm not an expert here guys, so feel free to correct me. ONQ.
G goosebump Registered User Messages 159 22 Nov 2011 #4 mrt said: I am a sole trader, can I write the entire jeep off as a company expense ? Is there still Benefit in Kind, considering its a commercial Jeep and they have this new law saying it has to be driven for business? Tom Click to expand... There is no new law. If your vehicle is taxed as a Commercial vehicle, it is supposed to be used exclusively for business. That has always been the law. I presume you're referring to the the new requirement to provide a PPS number on your Commercial Motor Tax documents.
mrt said: I am a sole trader, can I write the entire jeep off as a company expense ? Is there still Benefit in Kind, considering its a commercial Jeep and they have this new law saying it has to be driven for business? Tom Click to expand... There is no new law. If your vehicle is taxed as a Commercial vehicle, it is supposed to be used exclusively for business. That has always been the law. I presume you're referring to the the new requirement to provide a PPS number on your Commercial Motor Tax documents.