Car Contract Hire

[Cooperinliverp00l]

Hi All

Was thinking whether to have my LTD co the names person on a Car Contract Hire.

Anyone got one of these / Thinking of getting one / Thought about it and decided not to get one ?

What are likely the tax implications on it as i would need to use the car for majority Business but also personal.

You experience and Knowledge is always greatfully received.....so hand it over

[oracleslave]

Hi All

Was thinking whether to have my LTD co the names person on a Car Contract Hire.

Anyone got one of these / Thinking of getting one / Thought about it and decided not to get one ?

What are likely the tax implications on it as i would need to use the car for majority Business but also personal.

You experience and Knowledge is always greatfully received.....so hand it over

Never thought of it to be honest, not sure there would be any benefits other than saying "I am a cheap contractor as I can only afford a diesel peugot"

[Sockpuppet]

How much business vs. personal mileage do you do?

[Cooperinliverp00l]

How much business vs. personal mileage do you do?

I would be looking at a 80/20 split in favour of business use, the 20 is really giving the personal use a bit of a rounding up.

[Fred Bloggs]

I've never managed to convince myself that a lease of any description whether personal or company is better than hard bargaining with a cash purchase and taking the £0.40p a mile option. Typically my business mileage is between 10 and 15k a year. I usually run a car that does about 48 to 50 mpg on Diesel and I try to buy a motor with less than horrific depreciation.

[Cooperinliverp00l]

I've never managed to convince myself that a lease of any description whether personal or company is better than hard bargaining with a cash purchase and taking the £0.40p a mile option. Typically my business mileage is between 10 and 15k a year. I usually run a car that does about 48 to 50 mpg on Diesel and I try to buy a motor with less than horrific depreciation.

I to was of the same opinion until i got my settlement figure for my car which was low due to the millege on it. I do about 25k business miles hence i'm looking at leasing as i would never have to worry about what the thing would be worth due to millege in 3 years time. Only problem is i would need it to be flexible as i know for at least the next 12 months i will be doing another 25k miles business but then it depends on where my contract will be after that.

oh well plenty of searching to be doing

[Archangel]

Hi All

Was thinking whether to have my LTD co the names person on a Car Contract Hire.

Anyone got one of these / Thinking of getting one / Thought about it and decided not to get one ?

What are likely the tax implications on it as i would need to use the car for majority Business but also personal.

You experience and Knowledge is always greatfully received.....so hand it over

The huge Benefit in Kind charges always put me off.

[Fred Bloggs]

The huge Benefit in Kind charges always put me off.

I had wondered about having a lease car but doing zero private motoring in it. The household has one other car and two motorcycles to choose from. I'm not sure it would be possible to convince the revenue as they tax you BIK if the car is "available" for private use whether you use it or not. I think......

[ratewhore]

Some people say if you are doing high business miles then take the private car option and claim mileage.

You can of course claim mileage with a company car but it is only reclaiming the fuel element and you need receipts which match the business mileage to the fuel purchased.

Too much of a pallarvah for me. I had a company lease car and didnt bother claiming as I lived close to my gig. When I moved on I transferred the lease to myself personally and now claim the mileage...

HTH

[Archangel]

I had wondered about having a lease car but doing zero private motoring in it. The household has one other car and two motorcycles to choose from. I'm not sure it would be possible to convince the revenue as they tax you BIK if the car is "available" for private use whether you use it or not. I think......

If the car is kept at your home then it is available, so BIK. If the car was kept say at your office and no private mileage was done then no BIK.