Tax advice regarding purchase of a car
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- Proposals: 2
- Remote
- #1406883
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Description
Experience Level: Intermediate
Kind of support: Tax
Description of support work: Looking for quick, but high quality, financial advice regarding purchase of car
2 Directors in a Ltd company (we are partners but not married). Until recently we employed one member of staff, but do not currently. 1 Director using car for work, needs to be big enough to carry equipment, particularly as we are undertaking a new side to our business that requires more equipment. Current car (privately owned) now breaking down reguarly as old and due to high mileage required for work.
Need someone to review our tax situation and work out the sums to find out whether best to
- lease a car on business or buy a new car on business vs buying privately.
- give advice on mileage (don't currently pay ourselves this)
- Also give us an idea how the above options would impact on our profit and loss. E.g would it look bad to mortgage providers if they were looking at our business accounts (for private not business mortgage).
I have a very basic understanding of the implications of the options from a bit of online research, but need someone to do the sums with our personal situation. We take basic pay under the tax threshold, limited dividends but this year i am on maternity leave so will be taking less than usual
Extra notes:
Description of support work: Looking for quick, but high quality, financial advice regarding purchase of car
2 Directors in a Ltd company (we are partners but not married). Until recently we employed one member of staff, but do not currently. 1 Director using car for work, needs to be big enough to carry equipment, particularly as we are undertaking a new side to our business that requires more equipment. Current car (privately owned) now breaking down reguarly as old and due to high mileage required for work.
Need someone to review our tax situation and work out the sums to find out whether best to
- lease a car on business or buy a new car on business vs buying privately.
- give advice on mileage (don't currently pay ourselves this)
- Also give us an idea how the above options would impact on our profit and loss. E.g would it look bad to mortgage providers if they were looking at our business accounts (for private not business mortgage).
I have a very basic understanding of the implications of the options from a bit of online research, but need someone to do the sums with our personal situation. We take basic pay under the tax threshold, limited dividends but this year i am on maternity leave so will be taking less than usual
Extra notes:
Projects Completed
190
Freelancers worked with
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Projects awarded
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Last project
18 Apr 2024
United Kingdom
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