Choosing how to finance your business vehicles can be a minefield, and will depend on your individual company's tax position, cash flow and other factors. It's worth seeking expert help before committing to an agreement. Here, we talk you through all the options.Leasing payments are tax-allowable expenses. A VAT-registered business can reclaim 100% of the VAT if the car is used exclusively for business, and 50% on the finance element of the rental if the car is also used privately.
- VAT-registered companies can reclaim up to 50% of the VAT on finance payments and 100% on the maintenance agreement costs.- Mileage limits incur stiff financial penalties, so you need to have a good idea of how many miles the car will cover during the contract.Best for:What is business contract purchase?
Alternatively, the business can refinance the balloon payment, spreading the costs over a longer period, or simply hand the car back to the leasing company. Service and maintenance costs can be included, too.- The car appears on the company's balance sheet as a depreciating asset, allowing you to claim capital allowances of 25% per year.
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