hybrid cars?

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Nixon Williams replied

15 January 2007, 11:07
Originally posted by chuddy

further question for the accounting minded re hybrid cars:

If there is 100% allowance for the purchase then will the car appear as a zero value asset in the balance sheet or would it follow the usual asset valuation rules?

Cheers!

The 100% allowance is for tax purposes only, the car would still be shown on the balance sheet and depreciated as normal.

Alan
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chuddy replied

14 January 2007, 12:06
further question for the accounting minded re hybrid cars:

If there is 100% allowance for the purchase then will the car appear as a zero value asset in the balance sheet or would it follow the usual asset valuation rules?

Cheers!
Leave a comment:
chuddy replied

14 January 2007, 11:15
hmrc details

Note: Car has to be new

Also, taxable allowance should be 11% of the value of the car

(15% - 3% (because it is hybrid) - 1% (because it is over 20g/km lower than 140g/km CO2 emmissions)
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chuddy started a topic hybrid cars?

14 January 2007, 10:23
hybrid cars?

Has anybody had their company purchase a hybrid car?

Am I right in thinking that if I do this then my car will be 100% expensable (rather than straight lined depreciated) for the year?

Am guessing that I would then have to count the car as a taxable benefit. If the company car becomes a part of my taxable benefit then does this mean that it contributes towards my total income? i.e. salary + car (taxable benefit) = 5 thousand something that is required for minimum NI contributions.

Also, am I right in thinking that my company can pay for the insurance for the car?

Cheers!
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