The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Introducing a car into the business.
Post Info TOPIC: Introducing a car into the business.
Harps


Veteran Member

Status: Offline
Posts: 36
Date:
Introducing a car into the business.
Permalink  

Hi there,

I have recently set up a bookkeeping business and am thinking about whether to claim the mileage allowance or put my car through the business.  The problem I have is that the car is registered under my husband's name and insured in his name with me an additional driver.  Will I have to transfer it over to my name?

Your advice will be greatly appreciated.


__________________
BackOfficeGroup


Guru

Status: Offline
Posts: 882
Date:
Permalink  

To keep things simple, I would go for claiming for the use, as the car is not in your name. Would it be a advantage to change the ownership? It would depend on how much you are going to use the car, whether the insurance charge would be any different. You could then enter all motoring expenses and disallow a % on your SA. But I don't think for you that would be the best route.

P

__________________
Shamus


Forum Moderator & Expert

Status: Offline
Posts: 11981
Date:
Permalink  

Morning Harps,

Sorry, missed this one last night.

I agree with Phillip.... That's happening way too often at the moment so we'll have to get back to the VAT debate from Harps other thread! I think that I'm being a bit more pragmatic than purist on that one.

But meanwhile, back to this thread.

It's 40p per mile for the first 10k miles and 25p per mile thereafter. So long as you don't go beyond these prescribed rates it's a non P11D expense.

You must keep a log of every mile traveled on business so good idea to keep a little A6 notebook in the car so nothing gets missed.

I total the miles then reimburse myself at the end of each month.

If you go down the other route your still going to have to divide costs between business and private use (and justify business use) and it seems a whole lot more stress for very little gain.

Probably best to plug the expected figures for both options into Excel and see what's best for you but personally I would definitely go for the mileage allowance route.

Have a good one,

Shaun.

__________________

Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
semsley


Guru

Status: Offline
Posts: 1329
Date:
Permalink  

I'd go mileage allowance route too. I'm useless at writing down start and end mileages so I write down where I'm going then put the journey into a route finder and use the mileage it comes up with.

__________________

Advice from beyond the grave!!!

E&OE
Harps


Veteran Member

Status: Offline
Posts: 36
Date:
Permalink  

THank you for all your advice.

I will go down the mileage route as after looking into the increased car insurance premium for me to be the main policyholder, it wouldn't be worth writing the car into my books.

Thanks again.

__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Introducing a car into the business.
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About