Contract Hire
25 April 2005, 04:16 PM
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Contract Hire
My wife is thinking of opting out of her company car scheme as she only get a poxy Focus and pays £2634.40 per year in tax.
Her company are offering her £450 per month to opt out with all her business petrol paid for, she does £27k busines miles a year and very little personall miles.
We were thinking of getting a contract hire for 2 years via my ltd company in which way we could offset the rental costs against the table profits and also claim the VAT back.
Looking at 320dSE or Audi TT (her choice), but these add up to around £2k a year more tax for her (we would put the car under her name as she is a director of out ltd company).
any thoughts on how we could save the most tax?
Her company are offering her £450 per month to opt out with all her business petrol paid for, she does £27k busines miles a year and very little personall miles.
We were thinking of getting a contract hire for 2 years via my ltd company in which way we could offset the rental costs against the table profits and also claim the VAT back.
Looking at 320dSE or Audi TT (her choice), but these add up to around £2k a year more tax for her (we would put the car under her name as she is a director of out ltd company).
any thoughts on how we could save the most tax?
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