Should you put your car through the company?
Author: Russell SmithOctober 7, 2012
If I had a list of the most common questions that people ask me as an accountant, the question of putting the car through the company as opposed to owning it personally has to be in the top 5.
There are two answers. One is very short and one is very long.
Here’s the short one…..
Here’s the long one:
I need the following information:
Make, model of the car
Petrol or diesel
Miles per gallon
Business miles in the year
Personal miles in the year
Whether you are a higher rate or basic rate tax payer
Whether you are owning it, leasing it or putting it on contract hire
If leasing or contract hire, I need the interest rate and the
Length of the contract
Once you have told me all of that I’ll be able to answer.
If you would like an answer short or otherwise email me at email@example.com