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Posted Fri, 16 Feb 2024 15:42:49 GMT by
I'm the director of a company that has secured work which means there is now the need for a vehicle within the business. The company is not planning to purchase a vehicle but rather use my own personally owned vehicle as it's not being used for anything else, I don't plan on transferring the ownership of the vehicle to the company. I'm familiar with expenses involving vehicles that are owned by the company but other than mileage allowance, I have no idea of what is allowable expenses for a vehicle owned by a director that is used primarily for work by the company. Would it be possible to find out what are allowable and non-allowable expenses for this use of the vehicle? The vehicle is a car and I would be the only driver. The insurance isn't in the company name but is in my name with use by the company. I asked elsewhere on another website and was advised that I could claim everything apart from insurance as that is not in the company name but I'm not sure how accurate this information is.
Posted Tue, 20 Feb 2024 08:41:51 GMT by HMRC Admin 20
Hi ItsBeenOneOfThemDays,
Please review guidance below regarding allowances available for your personal vehicle:
HS252 Capital allowances and balancing charges 2023
Claim tax relief for your job expenses
 if you require further advice on this matter, please seek professional help through a financial advisor or accountant.
Thank you.

 

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