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Thank you for that!
Is there a limit to how many years I can carry loss over, if I buy the car outright?
Hi, I am a sole trader with average annual gross income of about £22K. I'm looking to purchase a new electric car for my business and personal use...80% business. This will cost around £25K. If I buy it outright, I understand I can claim against 100% of the car in the first year, but, bearing in mind my taxed income is only a fraction of this, can I carry forward the loss to following years?
If I buy the car instead on HP, can I then claim for payments over the next 2/3 years until the car is paid for?
I have checked Capital Gains/Car Expenses advice on your websites but I am still very confused, especially about 100% in the first year statements.