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05 May, 2012

Hi Andy , if I finance lease a pick up aside from claiming vat on the deposit and monthly fee can I offset any of the costs against corporation tax similar to writing down allowances with a HP agreement ? The vehicle would be strictly business use only with personal mileage only to and from work.

Hi Adam The answer is yes you can claim the excluding VAT costs against Corporation Tax as you have correctly suggested. I would however check you BiK (Benefit in Kind) position carefully. As you mentioned Corporation Tax, I’m assuming you are trading as a limited company. If your use travelling to and from work is classed as commuting you may be liable to be taxed on £3,000 (the current benefit for commercials / vans). I would check this with your accountant. You could also do a Google search on ‘insignificant private use’ and this will give you more information. I hope that helps, please get in touch if you require more information. Andy

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About Andy

Andy has worked in the motor trade and more specifically been involved in supplying finance for vehicles, coming up to 20 years. He started his own business www.autorama.co.uk in 2004 selling used vehicles before expanding the company via its comercial vehcle leasing business in 2006. Back then the leasing business was pretty much just him, a laptop and a portakabin. Now just six years later Autorama through it's online brands vanarama.co.uk and pickuptrucksdirect.co.uk is recognised as the largest independant commercial vehicle leasing broker in the UK.

The last six years have seen continued growth and resulted in the company now employing 32 staff. Being able to offer some of the most competative rates in the country as well as industry leading levels of customer service have played a big part in our growth. However it is our ability and moreover our expert knowledge in this sector that has allowed us to best advise and therefor better serve our customers.

Every customers needs are different and there are so many options available that it's easy to see why people get confused by either inaccurate or simply poor advice. We are here to help and advise you so whatever your query, no matter how big or small your business or how complicated your situation seems. let us answer your van leasing questions.

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