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Post Info TOPIC: Car Lease Expenses
Corry


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Car Lease Expenses
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Hi,

I know that you can either claim the flat rate of 0.45p per mile up to 10,000 miles or a percentage of ALL vehicle costs. Would using the flat rate include the lease hire costs or can a percentage of the costs be added to the accounts?

 

Thanks in advance.

Corrinna



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Cheshire


Master Book-keeper

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Sole trader or Limited?

Have cap allowances ever been claimed for vehicle?

What method was used for THIS vehicle last year? Or is it a recent purchase?

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Corry


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Hi, yes apologies, those details wold help!!

Sole trader, first set of accounts - no cap allowances claimed

Thanks

Corrinna



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Cheshire


Master Book-keeper

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So in answer - no you cannot mix and match. Its worth doing your sums to see which is the best method. Bear in mind once decision is made you have to stick with it until they change vehicles, they cannot swap and change. need to give consideration to CO2 emissions in calc if I recall correctly. Have a wander round HMRC for your guidance.

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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