Car as a business expense - how much against tax?

[carman]

I'm self employed and want to buy a company vehicle. It'll be 100% used by me for business. How much of the expense can I claim back against my tax bill?

Some searches recommend claiming the mileage while some recommend a percentage of the vehicle over a number of years.
Any help would be good.

[attagirl]

Very good question. I would hope that someone who knows about taxes would come in and tell us the answer to this one. I would be interested in knowing also.

[admin]

Hi Carman. Any good accountant will be able to tell you this. Alternatively, a quick google will bring up some good articles. Here's one from Tax cafe on the subject.
Sample Tax Tip Newsletter

[financestrategy]

hey buddy
it a lot depends on the place where you live as each and every country has its own law so you really cant get help from all the folks.
otherwise as per my knowledge the car which is used for business purpose is not included in the tax bill. rest am not pretty sure.

[finvik]

as per loan my loan it varies from state to state. but you dont get that advantage if you buy it in companies name. if it is housing or agiculture loan you can get advantage in taxes, as it is considered a part of your asset, which is not fixed, and it will get depreciated. but on the contrary lands and property gets appreciated.
vik

[Consultant_Lorens]

HI there,

When an employer-provided vehicle is used for both business and personal purposes, an allocation between the two types of use must be made on the basis of the number of miles driven. The portion allocable to the employee's personal use is generally taxable to the employee as a fringe benefit. The portion allocable to business use is excluded from the employee's income. There are several methods for valuing the fringe benefit.

[dixgomez]

Ah ok, means a car used for both personal and business is differ from a car used for personal only or a car used for business only..






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