Business Tax: Tax Saving Tactics for Motorists

Tax Saving Tactics for Motorists Book By Christopher Field FCCA

A Guide for Company Owners, Sole Traders and Landlords

PUBLICATION DATE: September 2011
PAGES: 234
STATUS: IN STOCK

Overview of Tax Saving Tactics for Motorists

This brand new tax-saving guide is essential reading if you want to reduce your motoring costs. It explains ALL the tax saving opportunities available.

Tax Saving Tactics for Motorists will help you reduce the cost of buying cars and vans and will help you reduce your running costs (fuel, maintenance, etc).

The first edition has just been published (September 2011) and is completely up to date. The guide is written in plain English and contains around 40 real-life case studies that will help you cut your own tax bill.

It’s essential reading for:
• All company owners (a motor vehicle could be an excellent way to extract money from your company and save tax)
• All self-employed business owners (sole traders, partnerships etc)
• Landlords and property investors
• Employees who are offered company cars

Motoring costs have increased dramatically in recent years – the best way to reduce them is by claiming every pound of tax relief to which you are entitled.

What information is contained in
Tax Saving Tactics for Motorists?

• The best cars for business owners who want to save tax.
• Leasing versus buying – what saves the most tax? Clear answers to this very important tax planning question.
• How to increase your tax deductions for motor vehicle running costs:

- Fuel
- Maintenance
- Interest costs
- Insurance
- Road tax
- Parking costs
- Penalties

• Reclaiming VAT on fuel – the three methods plus examples showing which method will result in a bigger VAT refund.
• How to reclaim VAT on your other motoring costs, eg repairs.
• How to claim a tax deduction of up to 100% when you buy cars that qualify for Enhanced Capital Allowances.
• Definitive answers to the most important tax planning question for company owners:

Company car versus Dividend – what will save me the most tax? Should I buy my own car or get my business to buy a company car for me?

• Case studies that show exactly how much tax you could save with a company car.
• Some business owners will save thousands of pounds by taking a company car. Others are better off with a dividend – we list the key factors.
• How to enjoy a tax-free pool car.
• Why vans are such fantastic tax breaks, offering:

- Up to 100% tax relief on the purchase price
- Up to 100% refund of VAT
- Low benefit-in-kind charges and lenient tax on private use

• These days many ‘vans’ look more like 4x4s than vans and qualify for full tax relief. The guide lists which vehicles qualify for special tax treatment.
• Definitive answers to the most important tax planning question for sole traders:

Should I claim 45p per mile or my actual running costs – which method leads to a bigger tax deduction?

• Balancing allowances – a massive tax benefit for sole traders and other self employed business owners.
• Company car or Salary? Clear answers for regular salaried employees.
• Company car salary sacrifice schemes – everything you need to know about this tax saving perk that can have benefits for employers and employees.

About the Author of Tax Saving Tactics for Motorists

The Author of Tax Saving Tactics for Motorists is Christopher Field.

Christopher Field FCCA is a Chartered Certified Accountant living in Surrey. He qualified in 1988 and set up his own accountancy practice, Acumen Accounting, in 2000. He specialises in tax planning and compliance work for small companies and is a regular contributor to the Tax Saver newsletter.

Contents of Tax Saving Tactics for Motorists

Part 1 – How Cars Are Taxed

Chapter 1 – Company Cars
o A Bit of History
o What is a Company Car?
o Taxable Persons
o Exemptions from Company Car Tax

Chapter 2 – Company Car Tax
o Steps in the Calculation
o Step 1 – List Price
o Step 2 – Accessories
o Step 3 – Capital Contributions
o Step 4 – CO2 Emissions
o Step 5 – The Appropriate Percentage
o Step 6 – The Taxable Value
o Step 7 – Periods of Unavailability
o Step 8 – Contributions for Private Use
o Step 9 – Calculating the Tax
o Special Rules
o Older Cars
o Diesel Cars
o Road Fuel Gas
o Classic Cars
o The Old Price Cap
o Shared Cars
o Multiple Cars
o Fuel Benefit

Chapter 3 – Capital Allowances
o What is a Capital Allowance?
o Annual Investment Allowance
o Enhanced Capital Allowances
o Sole Traders vs Companies
o Writing-down Allowances
o Balancing Allowances
o Balancing Charges

Chapter 4 – Pool Cars
o Qualifying Conditions
o Private Use
o Availability for Use
o Pool Car Recommendations

Chapter 5 – Vans
o What is a Van?
o Tax Advantages of Vans
o Double Cab Pick-Ups
o Recommendations for Vans

Chapter 6 – Running Costs
o Fuel
o Insurance
o Road Tax
o Maintenance
o Loan Finance
o Parking & Tolls
o Penalties

Part 2 – How to Save Tax on Your Car

Chapter 7 – Initial Considerations
o Relevant Factors
o Why are These Factors Relevant?
o The Cost of Capital
o The 10 Key Decisions

Chapter 8 – Decision # 1: Company Car or Own Car?
o Relevant Factors
o Finance Costs
o Tax Consequences
o Capital Allowances
o Fuel Costs
o Running Costs
o Business Use
o Multiple Owner Companies
o Case Studies 1.1 to 1.6 – Dirty Car
o Case Studies 2.1 to 2.6 – Green Car
o Case Studies 3.1 to 3.5 – Optimal Choices
o Case Study Analysis
o Ten Lessons

Chapter 9 – Decision # 2: Should I Claim for Mileage or Running Costs?
o Running Costs & Mileage
o Capital Allowances
o Leased Cars
o Case Studies 4.1 to 4.5
o Summary

Chapter 10 – Decision # 3: Should My Company Pay For Private Fuel?
o Case Study # 5.1
o Analysis

Chapter 11 – Decision # 4: How Should I Claim VAT on Fuel?
o The 3 Methods
o Analysis of the 3 Methods
o VAT Fuel Scale Rates
o Case Studies 6.1 to 6.3
o Summary and Tables

Chapter 12 – Decision # 5: Should I Buy or Lease a Car for my Business?
o Tax Implications
o Case Studies 7.1 to 7.5
o VAT Effects
o Case Study # 7.6
o Summary

Chapter 13 – Decision # 6: What Type of Car is Best For My Business?
o Limited Companies
o Sole Traders and Partnerships
o Electric Cars

Chapter 14 – Decision # 7: Should I Take a Cash Alternative?
o Relevant Factors
o Case Study # 8.1 – Green Car
o Case Study # 8.2 – Gas Guzzler
o Analysis
o Case Study # 8.3 – Average Car
o Sensitivity Analysis
o Key Factors
o VAT on Leased Cars
o Summary

Chapter 15 – Decision # 8: Should I Join a Salary Sacrifice Scheme?
o How Salary Sacrifice Schemes Work
o Case Study # 9.1
o Other Points to Consider

Chapter 16 – Decision # 9: Is it Worth Having a Fuel Card?
o The Fuel Benefit
o Relevant Factors
o Temporary Workplaces
o Fuel Benefit – Common Pitfalls
o Breakeven Mileage
o Non Company Car Drivers
o Private Fuel for Company Vans

Chapter 17 – Decision # 10: Which Type of Company Car Should I Have?
o Car Benefit Tables
o Popular Cars
o Notes for Employers

Conclusion

Ordering Information for
Tax Saving Tactics for Motorists

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