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Business Van Expenses OR not

  • 12 posts
  • # 78421

Can anyone shed some light on a matter I'm not quite 100% percent about.

If a business uses a van to carry out it's day to day duties but that van is not owed by the sole trading business owner but purchased for by a family member to help get started can the owner claim expenses such as fuel, repairs etc?

Any advise or help would be gratefully appreicated.
Don Tax
  • 2 posts
  • # 78643

Hi Logie,

The short answer is yes but they would miss out on capital allowances until the van is in their own name.   Depending on the cost and amount of private use, the AIA could be more of a deduction than the expenses.

I would seriously consider claiming the HMRC mileage rates.

www.hmrc.gov.uk/bst/advice-team-events/motor-expenses-handout.pdf

Tim

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