I am just doing my income tax for the furnished holiday let for last year but wondering how to calculate the purchase of a car on hp?
We paid a small deposit and part ex'd a car and remainder on hp. Obviously only a percentage is used for business but have no clue how to work values/interest out?
Income tax - how to calculate car buying on hp
HMRC allow you to claim a standard mileage rate of 45p per mile for the first 10,000 business miles pa. This is supposed to cover fuel, depreciation, insurance and other costs.
I'd suggest you just claim it as it's a lot easier than the hypothetical alternatives, and probably reasonably realistic too, unless you drive a Ferrari.
I'd suggest you just claim it as it's a lot easier than the hypothetical alternatives, and probably reasonably realistic too, unless you drive a Ferrari.
Jumping is just dressage with speed-bumps.