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...Transfer plan; Had an impression
First-year car
One of my sole trader clients has just turned 65; he is planning to continue with his business but on a smaller scale. He treated himself to a new car towards the end of the last tax year just before his birthday. The car falls within the CO2 emissions for 100% first-year allowances; it is rated at 99g/km and was purchased in February 2013.
My client will have made just about enough profit in 2012/13 to absorb this first-year allowance and my first question is to confirm that this must be restricted by his 10% private use for 2012/13.
He is not planning to sell the car or to cease his business soon so there will be no balancing charge for a while. However he may work fewer hours in the coming years and clearly his private use is only...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
