Leasing a car through an LLP
Discussion
Hi
I'm thinking of leasing a car through an LLP.
My questions are:
1. Am I correct in thinking that there is no company car tax like there would be through a limited company?
2. Can I reclaim 50% of the VAT on the lease rental (there will be 25% business use)
3. Can I reclaim 100% of the VAT on the servicing/maintenance costs
4. Will my profit be reduced by the business use element ie. 25% of the lease cost (inc 50% of VAT which cannot be claimed) and 25% of the servicing costs etc
The LLP is bona fide with partner income linked to profit. No tax avoidance for BIK in any way.
Thanks
Pete
I'm thinking of leasing a car through an LLP.
My questions are:
1. Am I correct in thinking that there is no company car tax like there would be through a limited company?
2. Can I reclaim 50% of the VAT on the lease rental (there will be 25% business use)
3. Can I reclaim 100% of the VAT on the servicing/maintenance costs
4. Will my profit be reduced by the business use element ie. 25% of the lease cost (inc 50% of VAT which cannot be claimed) and 25% of the servicing costs etc
The LLP is bona fide with partner income linked to profit. No tax avoidance for BIK in any way.
Thanks
Pete
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