The current regime for taxing employer provided cars (commonly referred to as company cars) is intended: to encourage manufacturers to produce cars which are more environmentally friendly and to give employee drivers and their employers a tax incentive to choose more fuel-efficient and environmentally friendly vehicles. We set out below the main areas of importance. […]
Capital Allowances
Overview The cost of purchasing capital equipment in a business is not a revenue tax deductible expense. However tax relief is available on certain capital expenditure in the form of capital allowances. The allowances available depend on what you are purchasing. Here is an overview of the types of expenditure which qualify for capital allowances […]
Business Motoring – Tax Aspects
This factsheet focuses on the current tax position of business motoring, a core consideration of many businesses. The aim is to provide a clear explanation of the tax deductions available on different types of vehicle expenditure in a variety of business scenarios. Methods of acquisition Motoring costs, like other costs incurred which are wholly and […]
Tax and the Company Car
One of the most frequently asked questions we receive is in relation to the use of cars for business purposes and how this will affect the tax liability. Here, we will look at the various options available for business owners when it comes to work transport. The current system of tax relief and benefits in […]