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Contact Us Business News - August
Claiming back the cost of cars
East of England accountants Moore Thompson are advising businesses to think carefully when choosing their company cars.
Since 2009, the rate at which companies can claim back Capital Allowances (CAs) on company cars has been based on the vehicle’s CO2 emissions, rather than its price, as was previously the case.
Partner Mark Hildred said: “For cars with CO2 emissions above 160g/km, businesses can only claim back CAs worth 10% of the purchase price, but this rises to 20% for cars with emissions below that figure.
“Furthermore, for the ‘greenest’ cars, with emissions below 110g/km, 100% of the cost can be claimed against tax in the first year of purchase. And this need not mean sacrificing luxury or power – the Audi A3 and BMW 320d are among the cars which fall into this category.”
In addition to savings on CAs, lower-emission cars also attract reduced Benefit-in-Kind and National Insurance payments, benefiting the company and the driver. For a firm with a large corporate fleet, the savings could be considerable.
More information about vehicles’ CO2 emissions is readily available online, including at www.vcacarfueldata.org.uk.
For more information, please contact Moore Thompson in Spalding on 01775 711333, in Wisbech on 01945 465767 or in Market Deeping on 01778 380850.
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