If I was to lease a car (contract hire), would this be tax deductible as a sole trader (self employed person)?
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2Jake61 postedYou will be able to claim tax relief on a contract hire car yes. If you were to use your own car for business purposes, you would also be able to claim deprecation. And in both cases you would also be able to claim a certain amount of relief on fuel costs. You need to take a sensible approach, especially when it comes to fuel. Basically, the tax officer know that the vehicle will be used at some time or other for private use. If this is the case with you, I recommend you state 85% business and 15% personal use. In nearly all cases the tax office will accept this figure. Make sure you keep all receipts including the hire contract and cost and obviously all fuel receipts.
Posted on 02 March 2012 |
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