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Cars And Capital Gains Tax
In this episode, Shaz takes a look at tax for cars and the potential benefits of going all-electric
He also, with his audience, goes through several live examples of capital gains tax discussing when it is payable and how it's calculated. With great informative content, this is a must listen
KEY TAKEAWAYS
As a sole trader/partnership or limited partnership, you work out the miles you drive for business and those for personal purposes
If you have a company car you pay company car tax on the list price of the vehicle and its emissions
Go for a fully electric car and the company can pay for everything
It's tax efficient to have an electric car through a company
If you have a property and buy a second property you will need to pay additional stamp duty land tax
The longer you have owned and lived in a property the less capital gains tax you are likely to pay
Capital gains tax is worked out based on the length of ownership and occupancy
When you move your main residence your existing house may become liable to capital gains tax depending on what you do with it
If you sell there’s no capital gains tax
The purchase value and the selling value combined with the length of residency are used to calculate what’s payable
BEST MOMENTS
‘You don’t actually pay company car tax but you don’t claim the whole expense, it’s nice and simple’
‘If you have an electric car and run it through the company you only pay 2% company car tax, which is really low’
VALUABLE RESOURCES
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of
income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on:
View all episodes
By Shaz NawazIn this episode, Shaz takes a look at tax for cars and the potential benefits of going all-electric
He also, with his audience, goes through several live examples of capital gains tax discussing when it is payable and how it's calculated. With great informative content, this is a must listen
KEY TAKEAWAYS
As a sole trader/partnership or limited partnership, you work out the miles you drive for business and those for personal purposes
If you have a company car you pay company car tax on the list price of the vehicle and its emissions
Go for a fully electric car and the company can pay for everything
It's tax efficient to have an electric car through a company
If you have a property and buy a second property you will need to pay additional stamp duty land tax
The longer you have owned and lived in a property the less capital gains tax you are likely to pay
Capital gains tax is worked out based on the length of ownership and occupancy
When you move your main residence your existing house may become liable to capital gains tax depending on what you do with it
If you sell there’s no capital gains tax
The purchase value and the selling value combined with the length of residency are used to calculate what’s payable
BEST MOMENTS
‘You don’t actually pay company car tax but you don’t claim the whole expense, it’s nice and simple’
‘If you have an electric car and run it through the company you only pay 2% company car tax, which is really low’
VALUABLE RESOURCES
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of
income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on:
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