Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: MNWC on August 09, 2007, 08:50:56 pm
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Hi
Could someone please tell me the percentages available for leasing a van and buying a van.
A plumber friend of mine just got a transit connect (nice van by the way) he said he could minus 70% of the value off his earnings to lower his tax bill
He also said that leasing a van you can claim 100%
Could someone in the know confirm this
Marcus
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Complete rubbish,you can claim 25% over something like 2-3 years or 40% in total.We would all be leasing vans if you could claim back 100% in effect it would be free,and gordon brown wouldn`t have that.
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Yeah i thought it sounded too good :-[
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I've heard that you can claim the full amount when leasing a van!
From loads of different people aswell.
So dont be too cock sure ;)
P.S I dont have a clue :-[
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You cannot claim 100% back,if your vat registered you can claim 100% of the vat back is that what he meant.A lot of companys lease bacause it`s only money they would have to give to the taxman so they lease vehicles rather than pay the extra tax,but as far as claiming 100% back i think not speak to you accountant i went to him when i heard that rumor and he laughed.
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Leasing is full payments you make:
ie. £100per month, £1200 per year.
Buying a van:
ie. Purchase £10,000
Year 1. 40% =£4000
Year 2. 25% of balance = £1500 balance £4500
Year 3 25% of balance = £1125 balance £3375
& so on.
Macc
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Well done Mac i knew it was something along them lines.
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And also that amount comes off your total earnings,that dosen`t mean you get 40% off your tax bill.
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ok ive got it about buying
what are the allowances on leasing
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by leasing a van it is 100% deductable because you do not not own it someone esle does
if you buy a van then is is spread out over 3-4 years as a % ( the % i am not sure)
taking out a loan then the intrest is tax deductable only.
i recon the best way is to take the 40p per mile allowance and should you have a car as well then the van will be 100% mileage and the car 10-15% of lileage covered in a year. much easier i use the mots as proof of mileage. last years mileage.
a good accountant is worth his weight in gold best £300 iv ever spent
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Leasing - the payments you make in the year are 100% deductable for that year.
So van lease = £180 per month then for each year you lease the van you can count £180 x 12 = £2160 as a business expense against tax.
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right cheers guys
I think leasing a van is my best option......
or maybe buy one ::) ::)
im alright at the mo my estate car does the trick but it wont last forever its a diesel 100k .........and its a skoda :-[ :-[
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can someone give an example please as to when it would be a good idea to lease and a good idea to buy, i am trying to work out which would suit us better
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Leasing is full payments you make:
ie. £100per month, £1200 per year.
Buying a van:
ie. Purchase £10,000
Year 1. 40% =£4000
Year 2. 25% of balance = £1500 balance £4500
Year 3 25% of balance = £1125 balance £3375
& so on.
Macc
Spot on Macc
Roy