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Company Cars – What’s the Best Option?
Company cars are currently a popular subject and as Shaz has recently taken delivery of his new company car he is sharing great practical advice about what you should consider if you are looking at a company car. There are many different tax aspects to company cars so understanding what is the best option for you is crucial.
If you are thinking about having a company car the most important question is
“What is the best option for me?’ and Shaz explains exactly what is available and the tax implications so listening to this episode is a must for any business owner.
KEY TAKEAWAYS
- Look at CO2 emissions – the higher the emissions the higher total tax.
- Capital contributions made by a director – a director can make a one-off capital payment of up to £5,000.
- Capital allowances – if the company pays for the car you can claim capital allowances.
- How many miles you are likely to be driving will also help to decide whether you should use your own car or have a company car.
- If the company pays for fuel you will need to pay fuel benefit tax. If you have your own car you can claim 45 pence per mile for use.
- If you have a spouse or child you can pay for a car for them through the company which can be tax-efficient for you.
- If you are a sole trader or partnership and buy a car you are the company so there is no company car tax to pay. You will need to work out how much of the time the vehicle is used for business and how much for personal use.
- An electric company car is very tax-efficient with no tax payable in the first year.
BEST MOMENTS
‘If you are leasing you need to be aware of the taxes around this’
‘The more expensive the car the more you are going to pay in company car tax’
‘Who’s paying for the fuel is important when you are deciding on a company car’
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 consultation 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 NawazCompany cars are currently a popular subject and as Shaz has recently taken delivery of his new company car he is sharing great practical advice about what you should consider if you are looking at a company car. There are many different tax aspects to company cars so understanding what is the best option for you is crucial.
If you are thinking about having a company car the most important question is
“What is the best option for me?’ and Shaz explains exactly what is available and the tax implications so listening to this episode is a must for any business owner.
KEY TAKEAWAYS
- Look at CO2 emissions – the higher the emissions the higher total tax.
- Capital contributions made by a director – a director can make a one-off capital payment of up to £5,000.
- Capital allowances – if the company pays for the car you can claim capital allowances.
- How many miles you are likely to be driving will also help to decide whether you should use your own car or have a company car.
- If the company pays for fuel you will need to pay fuel benefit tax. If you have your own car you can claim 45 pence per mile for use.
- If you have a spouse or child you can pay for a car for them through the company which can be tax-efficient for you.
- If you are a sole trader or partnership and buy a car you are the company so there is no company car tax to pay. You will need to work out how much of the time the vehicle is used for business and how much for personal use.
- An electric company car is very tax-efficient with no tax payable in the first year.
BEST MOMENTS
‘If you are leasing you need to be aware of the taxes around this’
‘The more expensive the car the more you are going to pay in company car tax’
‘Who’s paying for the fuel is important when you are deciding on a company car’
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 consultation 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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