These VAT rules apply whether you are a sole trader or a limited company.
|
|
- Sylvia Cooper
- 8 years ago
- Views:
Transcription
1 Cars and Vehicles VAT You will not be able to reclaim any input VAT on the purchase of your car, (nor will you have to charge any output VAT on sale, unless you are in the very unlikely business of making a profit, [selling price less purchase cost], on sale of cars) You can, however, reclaim input VAT on: Repairs and maintenance costs Fuel costs but for business mileage only and therefore subject to an adjustment for private usage if you reclaim input VAT on all (i.e., both business and private) of your car fuel costs 50% of the input VAT on any contract hire or operating lease costs, (an arrangement by which you do not own the vehicle, but hire it from a third party owner under an operating lease) These VAT rules apply whether you are a sole trader or a limited company. For general taxation, the rules will differ depending on sole trader or limited company status. Sole trader What you can deduct and claim for will depend on accurately recording your business and private mileage each year. This is something that you will find rather irritating, but it has to be done! It is also an Inland Revenue requirement! The concepts of what is deductible are best illustrated by a worked example, for which we will assume that in year 1 you drive 18,000 miles, split as follows: Business miles 10,800 60% Private miles 7,200 40% Total 18, % Your car costs, (new to you), 15,000, financed by a hire purchase loan of 10,000, on which you pay interest of 800 in year 1. Your running costs for year 1 are: Road tax 150 Insurance 750 Repairs 1,500 Fuel 2,900 Total 5,300 Your tax deductions can then be analysed like this:
2 Capital, depreciation and interest costs capital and depreciation cost 15,000 tax depreciation or capital allowances limited to the lower of 25% or 3,000-3,000 adjusted for private use 40% - 1,200 tax claimable amount 60% 1,800 tax value of car carried forward to year 2 12,000 interest costs interest paid 800 interest disallowed ½ of purchase cost in excess of 12,000 ½ x (15,000 12,000) x ,000 allowable interest 720 adjusted for private use 40% tax claimable amount 60% 432 Running costs These are pro rated between business and private use total running costs 5,300 adjusted for private use 40% - 2,120 tax claimable amount 60% 3,180 Total deductions in year 1 5,412 An alternative concessionary method for sole traders, offered by the Inland Revenue if your sales turnover is less than the VAT turnover limit of 60,000 is to claim an overall deduction on a mileage basis, similar to that for employees, like this: Business miles driven 10,800 10,000 miles at 40 p per mile 4, miles at 25 p per mile 200
3 Total deductions in year 1 4,200
4 These mileage rates include all costs, including interest and depreciation and capital allowances, but the trade off is simplicity. Limited company Here there are two routes, either the company provides you with a company car or you provide your own car, and your limited company reimburses you for your business motoring costs Company car For you A benefit in kind based on a combination of the new list price of the car (not what you may have bought it for second hand) and the car s CO2 emission rating The taxable benefit in kind works out at a minimum of 15% of the new list price for a car with a low CO emission rating and runs up to a top rate of 35% of the new list price for a car with a high CO2 rating So for your car with a new list price of 15,000 and an average CO2 rating of 190 g of CO2 per km, then the benefit in kind would be: 15,000 x 25% = 3,750 You will pay income tax on the benefit of 3,750 at either 22% or 40% The company will pay Class 1A National Insurance contributions at 12.8%, totalling 480 p.a. Fuel for private motoring is not usually a tax efficient benefit. The benefit for 2007/2008 would be 14,400 x 25% (the CO2 emission %) and would involve an additional taxable benefit of 3,600. You would need to drive around 10,000 or more private miles each year for this to be tax efficient. So, your limited company should only pay for business mileage Any car or car fuel benefits are reported by the limited company on a form P11D each year You then report your taxable benefit on your personal tax return For the limited company making the same assumptions as for a sole trader Capital, depreciation and interest costs capital and depreciation cost 15,000 tax depreciation or capital allowances limited to the lower of 25% or 3,000-3,000 adjusted for private use 0% - nil tax claimable amount 100% 3,000 tax value of car carried forward to year 2 12,000
5 interest costs interest paid 800 interest disallowed ½ of purchase cost in excess of 12,000 ½ x (15,000 12,000) x ,000 allowable interest 720 adjusted for private use 0% - nil tax claimable amount 100% 720 Running costs These are not pro rated between business and private use total running costs [excluding private fuel costs of 960 ] 4,340 adjusted for private use 0% - nil tax claimable amount 100% 4,340 Total deductions in year 1 8,060 Provide your own car You can claim for your business mileage costs, so that if you drive 10,800 business miles in a year, then your limited company can reimburse you, tax free 4,200. No other deductions are available and if your limited company reimburses you for, or pays for, motoring costs in excess of 4,200, then the excess is subject to income tax and national insurance. So, for example, if you claim 70p per business mile from your limited company because you run a Jaguar, the reimbursement being 7,560, then the excess of 3,360 is taxable. and finally, company vans or pick ups You might take a liking to using a double cab pick up! Would your clients like this too? Assuming yes on both counts, then your limited company can: reclaim input VAT on purchase claim full capital allowances of up to 50% on purchase in year 1, (with no 3,000 restriction as for cars)
6 claim all the running costs as tax deductible
7 For you, as a director or member of staff, the benefit in kind is only 3,000 p.a. plus 500 p.a. for private fuel, although the benefit in kind charges do not apply if the only private use is home to work commuting and vice versa. This is a pretty good deal, but do bear in mind that your double cab pick up should have a payload capacity of over 1 tonne in order to qualify.
Business. Motoring BUSINESS MOTORING 2014/15 WWW.NEWBYCASTLEMAN.CO.UK
2014/15 GUIDE 2014/15 TO... GUIDE TO... Business BUSINESS Motoring MOTORING WWW.NEWBYCASTLEMAN.CO.UK YOUR GUIDE TO Business Motoring For many businesses, motoring costs are a significant expense in the
More informationTHE TAXATION OF COMPANY CARS. Calculating the cash equivalent
THE TAXATION OF COMPANY CARS Company cars remain a popular employment-related benefit despite the fact that income tax charges on them are generally high. The benefit of having a company car available
More informationThere can be a benefit on: a) A car that is provided for private use (however incidental the private use is); and/or
Registered in England Registered Number: 04744238 Registered Address: 62 The Street, Ashtead, Surrey, KT21 1AT Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers Car
More informationScenario Corporation tax implications Employment tax implications VAT implications
Scenario Corporation tax implications Employment tax implications VAT implications Staff internal lunches Expenditure relating to internal lunches or snacks is an allowable deduction for corporation tax
More informationYour Guide to. Business Motoring 2009/10
Your Guide to Business Motoring 2009/10 Your Guide to Business Motoring For many businesses, motoring costs are a significant expense in the profit and loss account. This cost has increased in recent years
More informationebrief for freelancers and contractors Contractors guide to claiming motorbike, bicycle & van expenses
ebrief for freelancers and contractors Contractors guide to claiming motorbike, bicycle & van expenses Do you do your bit for the environment by cycling to work? Or do you commute by van or motorbike?
More informationTable of contents. Chapter 1 - Directors and employees. Chapter 2 - Travel expenses. Introduction... 1. Table of contents
Table of contents Introduction.................................................. 1 Chapter 1 - Directors and employees 1.1. What is the position for employers?....................... 5 1.2. Are business
More informationBusiness Vehicle Finance from Ford. A guide to Business Vehicle Finance and company vehicle taxation
Business Vehicle Finance from Ford A guide to Business Vehicle Finance and company vehicle taxation 2 3 Business Vehicle Finance from Ford A guide to company vehicle taxation and business finance. Vehicle
More informationBusiness Vehicle Finance from Ford. A guide to Business Vehicle Finance and company vehicle taxation
Business Vehicle Finance from Ford A guide to Business Vehicle Finance and company vehicle taxation 2 3 Business Vehicle Finance from Ford A guide to company vehicle taxation and business finance. This
More informationToyota Finance for Business
Toyota Finance for Business Welcome 2 Why choose Toyota Financial Services? 3 1 Toyota Contract Hire 4 AccessToyota 7 Other financial products 9 Protecting your car 12 Personal Tax for Company Car Drivers
More informationIntroduction. How company cars are taxed. Calculating the cash equivalent
Introduction Company cars remain a popular employment-related benefit despite the generally high income tax charges on them. The tax charge on company cars cars provided to employees by their employers
More informationBusiness Motoring. Information for a changing world. RMT guides
RMT guides Business Motoring Information for a changing world. www.r-m-t.co.uk your guide to Business Motoring For many businesses, motoring costs are a significant expense in the profit and loss account.
More informationChartered Accountants & Business Advisers
Your Guide to Business Motoring 2011/12 RITSONS hartered Accountants & Business Advisers www.ritsonsca.com Your Guide to Business Motoring For many businesses, motoring costs are a significant expense
More informationFrequently Asked Questions by Employees. Fuel Efficient Car Lease Scheme. An employee benefit offered by the University of Birmingham
Frequently Asked Questions by Employees Fuel Efficient Car Lease Scheme An employee benefit offered by the University of Birmingham If you have any further questions or would prefer to talk to someone,
More informationFundamentals Level Skills Module, Paper F6 (UK)
Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) June 205 Answers and Marking Scheme Section A A 2 D Output VAT 408 x 20/20 = 68 Input VAT 600 x 20/20 = 00 3 A 6,00 (23,700
More informationSimple Financial Records for a Small Business
Simple Financial Records for a Small Business December 2014 March 2015 A GUIDE TO SIMPLE FINANCIAL RECORDS FOR A SMALL BUSINESS CAVEAT This guide aims to help you set up simple financial records for your
More informationTax Tax Revenue Capital VAT
EXPENSES CLAIMS AND ALLOWANCES There is in accounting terms no limit to what can be paid via a company, however many items will not be allowable for tax or vat purposes. This could mean putting the expenses
More informationTHE BMW GROUP GUIDE TO FLEET FUNDING.
THE BMW GROUP GUIDE TO FLEET FUNDING. The way vehicles are funded in a fleet context varies widely and there are two main methods for acquiring vehicles for your fleet: Outright purchase over a fixed period
More informationGE Capital. Cash or Car? Choosing what s best for me
GE Capital Cash or Car? Choosing what s best for me Making the right decision for you Wondering whether you should choose a Company Car or take a Cash Allowance in lieu of a Company Car? Is it time to
More informationCompany Car Tax 2014/2015
Company Car Tax 2014/2015 Produced for Zenith by Income Tax Rates 2014/15 2013/14 Rate Band Band % 20 0 31,865 0 32,010 40 31,866 150,000 32,011 150,000 45 150,000+ 150,000+ Personal Allowances 2014/15
More informationAutomobile Expenses For the Self-Employed
Automobile Expenses For the Self-Employed COPYRIGHT Ledgers Canada All rights reserved. No part of this manual may be reproduced in whole or in part, stored in a retrieval system, or transmitted, in any
More informationSuperannuation Co-Contributions
Superannuation Co-Contributions The superannuation co-contribution is a government measure to boost superannuation savings. If you earn less than $61,920 a year, make personal superannuation contributions
More informationBusiness Expenses Guide
Business Expenses Guide Sole Trader What is this about? Each year, your business must prepare a set of accounts for HM Revenue & Customs (HMRC). These accounts calculate the business profits on which you
More informationAs a guide, the following are examples of some of the expenses we can allow:
How do I know if I m self-employed? A person is self-employed if they are gainfully employed but are not under a contract of service with an employer. You may be a sole trader or in a business partnership.
More informationPocket Car Tax Guide 2012/13. www.deloitte.co.uk/carconsulting
Pocket Car Tax Guide 2012/13 www.deloitte.co.uk/carconsulting Income Tax Rates 2012/13 2011/12 Rate Band Band % 20 0 34,370 0 35,000 40 34,371 150,000 35,001 150,000 50 150,001+ 150,001+ Personal Allowances
More informationHow to calculate your taxable profits
Helpsheet 222 Tax year 6 April 2013 to 5 April 2014 How to calculate your taxable profits A Contacts Please phone: the number printed on page TR 1 of your tax return the SA Helpline on 0300 200 3310 the
More informationVAT guide should I register for VAT?
VAT guide should I register for VAT? associates ltd Should I register for VAT? This guide will give you an understanding as to whether you should register, what the various schemes are for small businesses
More informationEmployment status: employee in terms of employment law. generally taxed as employees. Tax on profits:
Sole trader Vs Limited company The comparison is for a trading business. Many of the points summarised here are not relevant if you want to compare individuals or companies that manage investment business.
More informationIndividual Income Tax Return Checklist
Individual Income Tax Return Checklist Income PAYG Summary Statement Deductions Motor Vehicle & Travel Expenses Appendix A Lump Sum Payments Receipts of work related expenses (eg. Employment Termination
More informationGUIDE - TAXATION DEDUCTION FOR MOTOR VEHICLE EXPENSES
GUIDE - TAXATION DEDUCTION FOR MOTOR VEHICLE EXPENSES Page 1 BUSINESS SYSTEMS SYSTEMS REQUIRED TO OBTAIN A TAXATION DEDUCTION FOR MOTOR VEHICLE EXPENSES CONTENTS Page 1. Employer Supplied Vehicle 3 2.
More informationHow To Hire A Car From Tota Financial Services
Efficient cars, efficient finance and perfect business sense. Fleet solutions to get your business moving. Toyota continues to push technology forward for today s constantly evolving world. Our long-standing
More informationA For more about the records you need to keep, go to. Your name. Paul Smith. 1 Description of business. 2 Postcode of your business address
Self-employment (short) Tax year 6 April 2014 to 5 April 2015 (2014 15) Use these notes to help you fill in the Self-employment (short) pages of your tax return You should fill in the Self-employment (short)
More informationCompany Car Taxation 2014 Your Guide. Produced in association with
Company Car Taxation 2014 Your Guide Produced in association with Company Car Taxation Your Guide Disclaimer This publication is intended to provide general information and is not an exhaustive treatment
More informationCREST. School Based Supervision Travel Policy
CREST School Based Supervision Travel Policy Contents 1.1 Introduction... 2 1.2 Lecturers Travel and Incidentals in relation to School Supervision Duty... 2 1.3 Car Mileage... 2 1.4 Insurance..2 1.5 Overnight
More informationGuide to Company Car Tax 2009/2010
Guide to Company Car Tax 2009/2010 The explanations and data set out in this guide are for general information only, and though given in good faith, are given without any warranty as to their accuracy.
More information2016/17 TO... GUIDE TO... GUIDE TO WWW.NEWBYCASTLEMAN.CO.UK FOR ELECTRONIC USE ONLY
2015/16 2016/17 GUIDE TO 2016/17 TO... GUIDE TO... Value VALUE Added ADDED TAX Tax WWW.NEWBYCASTLEMAN.CO.UK FOR ELECTRONIC USE ONLY YOUR GUIDE TO Value Added Tax Value Added Tax (VAT) is a tax chargeable
More informationTax benefits for ultra low emission vehicles
k0 Tax benefits for ultra low emission vehicles Ultra low emission vehicles (ULEVs) are vehicles that produce less than 75g of carbon dioxide (CO2) for every kilometre travelled. Both private and business
More informationCOMPLY WITH REGULATORY, TAXATION AND INSURANCE REQUIREMENTS FOR THE MICRO BUSINESS
COMPLY WITH REGULATORY, TAXATION AND INSURANCE REQUIREMENTS FOR THE MICRO BUSINESS UNIT BSBSMB305A This unit describes the performance outcomes, skills and knowledge required to outline the regulatory,
More informationBenefits in kind guide. Unlimited accountant support and online software
Benefits in kind guide Unlimited accountant support and online software 033 3311 8000 Benefits in kind guide Contents: Benefits in kind are benefits which employees or directors receive from their company
More informationThe Comprehensive Service
The Comprehensive Service At PML Accounting Limited, we understand that business affairs need to be dealt with efficiently and effectively, so we have developed a specialist accounting service specifically
More informationFinancial Procedure Note FPN 6
Financial Procedure Note FPN 6 Travel Related Expenses October 2012 Financial Procedure Notes supplement Financial Regulations, providing detailed guidance on various topics. Failure to comply with these
More informationCompany Car tax. 2013/2014. IncludIng details of the 2013 emissions-based reforms, VehIcle excise duty and national Insurance.
Company Car tax. 2013/2014. IncludIng details of the 2013 emissions-based reforms, VehIcle excise duty and national Insurance. Whilst we have made every effort to ensure the information in this document
More informationThe Comprehensive Service
The Comprehensive Service At PML Accounting Ltd, we understand that business affairs need to be dealt with efficiently and effectively. Therefore, we have utilised and further developed a specialist accounting
More informationIncluding details of the 2015 emissions-based changes, Vehicle Excise Duty and fuel allowances.
BMW Fleet & Business Sales bmwcorporate.co.uk The Ultimate Driving Machine Company Car tax. 2015/2016. Including details of the 2015 emissions-based changes, Vehicle Excise Duty and fuel allowances. Whille
More informationWhether you re a plumber, a mobile hairdresser or a physiotherapist you ll incur costs as a result of running your business.
Guide to Self-Employed Expenses Whether you re a plumber, a mobile hairdresser or a physiotherapist you ll incur costs as a result of running your business. We ve put together a quick summary of the expenses
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON VALUERS, APPRAISERS AND ESTATE AGENTS
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON VALUERS, APPRAISERS AND ESTATE AGENTS CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GST AND VALUERS, APPRAISERS AND ESTATE
More information2015 Tax Brochure Company Cars
2015 Tax Brochure Company Cars Foreword This brochure describes the latest situation regarding tax on company cars. By company cars we mean passenger cars, dual-purpose vehicles and minibuses. A light
More informationCash basis for small business
Cash basis for small business Introduction From April 2013, it is proposed that sole traders with a low turnover may use the cash basis for determining their taxable profits. Traders here include vocations
More informationNew Qualified Plug In Electric Drive Motor Vehicle Credit
FEDERAL New Qualified Plug In Electric Drive Motor Vehicle Credit Short Description: An income tax credit of zero to $7,500 for the purchase of a new qualified plug in electric drive motor vehicle. Beneficiary:
More information[ 16-310] DEDUCTIBLE MOTOR VEHICLE EXPENSES
Premium Master Tax Guide 1 [ 16-310] DEDUCTIBLE MOTOR VEHICLE EXPENSES Motor vehicle expenses incurred in the course of deriving assessable income or in carrying on business are allowable deductions (ITAA97
More informationCompany Car Tax and Related Certain Personal Income Tax Issues 2014.
Company Car Tax and Related Certain Personal Income Tax Issues 2014. The tax liability relating to company cars is regulated in Chapter IV. of Act LXXXII of 1991 on the Motor Vehicle Tax (hereinafter:
More informationThe decision to buy, hire purchase or lease an asset will generally depend on the financing available to your business.
Buy, HP or Lease? The decision to buy, hire purchase or lease an asset will generally depend on the financing available to your business. There are different treatments for tax and accounting purposes,
More informationVEHICLE RELATED GUIDES EMPLOYER POLICIES REGARDING USE OF COMPANY VEHICLES
VEHICLE RELATED GUIDES EMPLOYER POLICIES REGARDING USE OF COMPANY VEHICLES Three policies have been included that may be provided to clients as examples. Policies 1 and 2 are optional for an employer.
More informationIRAS e-tax Guide. GST: Fringe Benefits
IRAS e-tax Guide GST: Fringe Benefits Published by Inland Revenue Authority of Singapore Published on 04 May 2015 Disclaimers: IRAS shall not be responsible or held accountable in any way for any damage,
More informationGE Capital Solutions. Driver guide. What s Best for Me?
GE Capital Solutions Driver guide What s Best for Me? Welcome When it comes to choosing your car, choosing what s best for you, can often be complex and based on numerous factors including lifestyle, vehicle
More informationArval Broker Services. Product Information
Arval Broker Services Product Information Just Drive www.arval.co.uk Contract hire With contract hire from Arval your customers will benefit from new cars and LCVs without having to find the initial capital
More informationGUIDE TO COMPANY CAR TAX
GUIDE TO COMPANY CAR TAX 2013/2014 The explanations and data set out in this guide are for general information only, and though given in good faith, are given without any warranty as to their accuracy
More informationBusiness owner s guide. Buying a vehicle for your business
Business owner s guide Buying a vehicle for your business 1 Setting your business finances up for success Maintaining healthy financial boundaries starts by keeping your business expenses and purchases
More informationPaper F6 (UK) Taxation (United Kingdom) Tuesday 4 June 2013. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (United Kingdom) Tuesday 4 June 2013 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Rates
More informationTaxation and the Company Car
Home Budget 2012 Vehicle Excise Duty / First Registration Fee / P11D value 2012 / 2013 Company car taxation Fuel allowances Class 1A National Insurance Contributions Writing Down Allowances / Lease rental
More informationINTRODUCING MAXXIA MYCAR A GUIDE TO NOVATED LEASING AND SALARY PACKAGING THE CAR YOU WANT
INTRODUCING MAXXIA MYCAR A GUIDE TO NOVATED LEASING AND SALARY PACKAGING THE CAR YOU WANT X Communication Plan (0909) Maxxia Pty Ltd Have you thought about buying a car and wondered if a novated lease
More informationGREYFLEET SYSTEM FREQUENTLY ASKED QUESTIONS
GREYFLEET SYSTEM FREQUENTLY ASKED QUESTIONS This list of questions and answers has been put together based on feedback from various meetings with NHS staff and managers. The questions are in no particular
More informationFinance that fits. Finance that fits SCF00009 2/15
Finance that fits Finance that fits Finance that fits If you ve already found the car you want and are now looking for finance, it s important to choose the type that s right for you. Santander Consumer
More informationA Guide to Novated Leases. www.sgfleet.com
A Guide to Novated Leases www.sgfleet.com Improve the Weekly Budget A holiday, new clothes or just a bit more money in the wallet; whatever the reason, everyone should consider the potential improvements
More informationUBER PARTNER REPORTING GUIDE
Required to File a Return? In most cases, you will be required to file a Form 1040 and attach Schedule C and Schedule SE to report your earnings from being an Uber partner. If you have net earnings (not
More informationWhat are unreimbursed business expenses? What are acceptable deductions on a PA Schedule UE?
What are unreimbursed business expenses? Answer ID 3201 Published 10/28/2014 02:38 PM Updated 10/28/2014 03:41 PM What are unreimbursed business expenses? A taxpayer may use PA Schedule UE to report allowable
More informationMinistry Of Finance VAT Department. VAT Guidance for on the Treatment of Motor Vehicles Version 4: November 1, 2015
Ministry Of Finance VAT Department VAT Guidance for on the Treatment of Motor Vehicles Version 4: November 1, 2015 Introduction This guide is intended to provide those selling or hiring vehicles by way
More informationCompany Car Tax 2011/12
Company Car Tax 2011/12 Details of new company car tax bandings, changes to VED rates, fuel benefit charge and AMAPs, plus the fair fuel stabiliser Produced in association with Vehicle Excise Duty (Ved)
More informationHow To Tax Company Cars In The Uk
Taxation of Company Cars Workshop An evaluation of the UK s shift to CO 2 based Company Car Taxation Stephen Potter Professor of Transport Strategy and member of the UK Green Fiscal Commission Context
More informationDerbyshire Healthcare NHS Foundation Trust. Lease Car Scheme
Derbyshire Healthcare NHS Foundation Trust Lease Car Scheme October 2012-1 - 1. INTRODUCTION Derbyshire Healthcare Foundation Trust has agreed to introduce a Lease Car Scheme which enables employees who
More informationWhat can I claim for?
What can I claim for? So, armed with this basic outline, what can you claim for and how can you minimise your tax obligations? An overview of some of the common claimable and non claimable costs reads
More informationReduce your fleet costs in nine simple steps
Reduce your fleet costs in nine simple steps 75% of fleets expect their costs to rise in 2010. 1 Running a cost efficient fleet is therefore more important than ever in order to keep your expenditure under
More informationcarbon footprinting a guide for fleet managers
carbon footprinting a guide for fleet managers Introduction For some organisations, carbon footprinting is perceived to be about reducing emissions purely for environmental reasons. But it is primarily
More information1. the standard mileage rate method; or. 2. the actual expense method.
S ection 6 CAR AND TRUCK EXPENSES Mastering Tax Preparation Car and for Sole Truck Proprietors Expenses Introduction If a proprietor owns or leases a vehicle that is used for business purposes, the proprietorship
More information5.5. What is a car for tax purposes?
5.4.6. Transfer of part ownership The argument that there is no car benefit-in-kind where the vehicle is transferred to an employee or director, in part or in whole, was argued in the High Court (Christensen
More informationWe are the chosen providers of vehicle finance for the Mitsubishi dealer network, with a range of hire purchase and contract hire products
Your new VEHICLE Your new car Find the right finance product for you with a range of options from Finance and Contract Motoring. Drive away in your new or used vehicle with a finance arrangement that is
More informationBasic Rules of Accounting the Expenses of the Operation of Vehicles in the Personal Income Tax and Corporate Income Tax System 2015.
Basic Rules of Accounting the Expenses of the Operation of Vehicles in the Personal Income Tax and Corporate Income Tax System 2015. The Act on Personal Income Tax 1 defines the expenses associated with
More informationUse these notes to help you fill in the Self-employment (full) pages of your tax return
Self-employment (full) notes Tax year 6 April 2014 to 5 April 2015 (2014 15) Use these notes to help you fill in the Self-employment (full) pages of your tax return These notes will help you to fill in
More information3. If you received any interest from a "Seller Financed" mortgage, provide: Name and Address of Payer Social Security Number Amount
Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire
More informationEmployment Policies, Procedures & Guidance CONTRACT HIRE (CAR LEASING) SCHEME
CONTRACT HIRE (CAR LEASING) SCHEME 1. Introduction GUIDANCE NOTES The following details describe the conditions for providing a contract hire car to employees of the Council. Under the scheme, the Council
More informationAssociates expenses policy
Associates expenses policy Introduction Our expenses policy has the following broad aims: To ensure that individuals travelling on GMC business are reimbursed appropriately for expenses wholly, exclusively
More informationSOLE TRADER & SELF EMPLOYMENT GUIDE
Sipher Accounting & Tax Chartered Certified Accountants and Business Advisers Email: info@sipheraccounting.com Website: www.sipheraccounting.com SOLE TRADER & SELF EMPLOYMENT GUIDE SIPHER ACCOUNTING &
More informationFOR ELECTRONIC USE ONLY
Branston Adams accountants & business advisors Suite 2, Victoria House, South Street, Farnham, Surrey. GU9 7QU tel: +44 (0)1252 728 598 fax: +44 (0)1252 728 652 email: paul@taxaccountancy.com www.branstonadams.co.uk
More informationGuidelines for Providing Cars April 2013
April 2013 Introduction: The provision of cars for private use is a common practice amongst councils either as a private benefit in a senior staff contract of employment or as part of a leaseback arrangement
More informationCompany Car Tax and Related Certain Personal Income Tax Issues 2015.
Company Car Tax and Related Certain Personal Income Tax Issues 2015. The tax liability relating to company cars is regulated in Chapter IV of Act LXXXII of 1991 on the Motor Vehicle Tax (hereinafter: Motor
More informationHB11b - Housing Benefit and Council Tax Support Self Employed Earnings Information
Benefit Service PO Box 2, Forde House Newton Abbot, TQ12 4YR Phone: 01626 215078 Fax: 01626 215538 Email: revandbens@teignbridge.gov.uk HB11b - Housing Benefit and Council Tax Support Self Employed Earnings
More informationQuantic UK s guide to Limited Company tax deductible expenses
Quantic UK s guide to Limited Company tax deductible expenses QUK.06/14-1000/1 Yarmouth House Trident Business Park Daten Avenue Warrington WA3 6BX quanticuk.co.uk info@quanticuk.co.uk T: 033 3323 1199
More informationRecord Keeping Case Study
Handout 1 Newly Self-Employed the basics Record Keeping Case Study John Ellis started in business as a plumber on 1 September 2011. Listed below are details of money he has paid out and cash and cheques
More informationACT : INCOME TAX ACT NO. 58 OF 1962 (the Act) SECTION : PARAGRAPH 7 OF THE SEVENTH SCHEDULE TO THE ACT SUBJECT : RIGHT OF USE OF MOTOR VEHICLE
INTERPRETATION NOTE: NO. 72 DATE: 22 March 2013 ACT : INCOME TAX ACT NO. 58 OF 1962 (the Act) SECTION : PARAGRAPH 7 OF THE SEVENTH SCHEDULE TO THE ACT SUBJECT : RIGHT OF USE OF MOTOR VEHICLE CONTENTS PAGE
More informationSIPHER ACCOUNT- ING & TAX SOLE TRADER & SELF-EMPLOYMENT GUIDE. Our prices start at 95 for personal tax returns and 250 for sole trader accounts
Our prices start at 95 for personal tax returns and 250 for sole trader accounts SIPHER ACCOUNT- ING & TAX SOLE TRADER & SELF-EMPLOYMENT GUIDE Specialists advice for: Dentists; Doctors; Plumbers; Cab drivers;
More informationInformation from your accounts
Helpsheet 229 Tax year 6 April 2013 to 5 April 2014 Information from your accounts A Contacts Please phone: the number printed on page TR 1 of your tax return the SA Helpline on 0300 200 3310 the SA Orderline
More informationExpenditure should only be incurred within the constraints of the appropriate budget.
Quality Assurance Agency for Higher Education Travel and subsistence rules for staff QAA s rules for travel and subsistence arrangements have been designed with the intention of providing staff that are
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON EMPLOYEE BENEFITS
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON EMPLOYEE BENEFITS CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GENERAL OPERATIONS OF THE INDUSTRY... 1 Employee Benefits...
More informationGUIDE TO SALARY PACKAGING A CAR
GUIDE TO SALARY PACKAGING A CAR TABLE OF CONTENTS INTRODUCTION 3 WHY SALARY PACKAGING A CAR WITH PAYWISE 3 HOW SALARY PACKAGING A CAR WORKS 4 EMPLOYMENT TERMINATION 6 EARLY TERMINATION 6 GET STARTED 6
More informationBUSINESS EXPENSES AND DEDUCTIONS
03 BUSINESS EXPENSES AND DEDUCTIONS Claim deductions for your business expenses when you lodge your income tax return, see page 18. To claim deductions for your business expenses when you lodge your income
More informationIncluding details of the 2014 emissions-based changes, Vehicle Excise Duty and fuel allowances.
BMW Corporate Sales bmwcorporate.co.uk The Ultimate Driving Machine Company Car tax. 2014/2015. Including details of the 2014 emissions-based changes, Vehicle Excise Duty and fuel allowances. Whille we
More informationNOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE
NOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE Never change company shareholding without conferring with us because there are tax implications. Please note the following comments 1. Cars If you sell
More informationCCA Tax Guide to Employer-Provided Vehicles & Allowances
June 2003 CCA Tax Guide to Employer-Provided Vehicles & Allowances IMPORTANT: This document is intended as a summary guide on the current rules and regulations respecting the tax treatment of employer-provided
More informationPaper P6 (ZAF) Advanced Taxation (South Africa) Friday 7 December 2012. Professional Level Options Module
Professional Level Options Module Advanced Taxation (South Africa) Friday 7 December 2012 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section
More information