SMALL BUSINESS POOL CARS EXPLAINED!
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- Опубліковано 12 вер 2024
- Wondering if you could put your car through the business as a “pool” car?
In this video Dan runs through the basics of how Pool Cars work.
Topics include:
What is a pool car
How do pool cars work UK
How does UK pool car tax work
Are you taxed on a pool car
Tax free benefits
Rules for pool cars
Tips for operating a pool car
Tax traps
Benefit in kind rules
..... and more!
HMRC Detail on pool cars www.gov.uk/gui...
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Call: 02392 240040 Email: info@heelanassociates.co.uk
Author: Dan Heelan of Heelan Associates
#accounting #tax #companycars
I am a sole trader running a small garage. I currently have a recovery truck for recovering vehicles but to be honest, its way past its best and can only carry 1.4T and most electric cars weigh more than that.
A friend of mine is selling a 2013 Mitsubishi L200 2.5 Diesel NOT ULEZ COMPLIANT - so its a commercial vehicle, I am considering purchasing it along with a car trailer as they can legally tow 3.5T
Anyway, the question I have is, if my friend was to provide me with a receipt of some description can I but that through my books as a business expense as it will be used for business use.
Thanks again! Your videos have helped me no end.
The fact you bought it from your friend won’t affect the ability to count as a business expense. Good to evidence the purchase via bank transfer and or written receipt.
The fact you bought it from your friend won’t affect the ability to count as a business expense. Good to evidence the purchase via bank transfer and or written receipt.
Can I put a Lamborghini Hurracan as a pool car? Asking for a friend
You could try if you could met the conditions;)
Hi there, how do car garages buy the latest fast cars through their company please? They are often testing on these cars and developing new products so would this fall under research and development costs? Many thanks in advance.
Hey it’s hard to say without knowing what their justification is. It’s all about how that car is used. If used in the ‘wrong’ way could have a tax cost rather than it being a good thing, for example!
@@HeelanAssociates good examples are, a car wrapping company using it to learn how to wrap the car correctly first before attempting it on customers cars and to showcase their skills/product. The other is a car garage that tunes cars and creates products to sell that attach to the car so it is needed to test / showcase these
i own construction company . Have a van witch is always parked at my house as its where my business registered and i do not have any other office never had any issues with that . how ever i would want to buy another car ether pickup truck or regular sedan for business use only with a commercial insurance it would be stored as well outside of my house in parking lot , would that be an issue and how does it all work do i need to prove them something how do they know where car is parked most of the time anyways ?also if car is not parked outside of the house lets say its parked outside of the office you rent witch can be 100m 1,2,5km away and you use your car to get to business car
Hi Jonas,
We can't give specific 1-2-1 advice here but a couple of general points:
*Yes could be a taxable benefit issue if Van/car stored at house
*Van benefit is vastly less than car benefit
*The fact that HMRC haven't currently checked / checked previously doesn't mean its ok :-)
This gives some further details on pool car or not www.heelanassociates.co.uk/pool-cars-for-small-business-explained/
Can you touch on a Car lease contract, whether that can be related to the business?
We can add that to the list to cover!
It's normally possible, you get a couple of issues right now in that many lease companies want 2-3 years accounts.
The wider question is whether its a good idea for tax to have the car in the company.
What if my company address is the same as my house?
If you car is available to you at your house, it's very unlikely to be allowed as a true pool car.
have a read here:
www.heelanassociates.co.uk/pool-cars-for-small-business-explained/