Car Insurance (Business Class 1)

[Nim]

Hello,

I have Class 1 Insurance on my personal car (I.T. Technician visiting sites etc), with a declaration of 5000 miles business, and 3000 miles personal on the policy. It's fairly accurate but the car won't be used any less than 50% for business if the mileage was totted up manually.

Within my LTD, am I able to claim half of the insurance cost as an expense, or am I able to claim the full amount? Or, am I not able to claim any of it?

This would be alongside already totting up mileage allowance @ 45p/mile for however many business miles have been done.

Thanks.

 

[STDFR33]

No.

 

[MyAccountantOnline]

Hello,

I have Class 1 Insurance on my personal car (I.T. Technician visiting sites etc), with a declaration of 5000 miles business, and 3000 miles personal on the policy. It's fairly accurate but the car won't be used any less than 50% for business if the mileage was totted up manually.

Within my LTD, am I able to claim half of the insurance cost as an expense, or am I able to claim the full amount? Or, am I not able to claim any of it?

This would be alongside already totting up mileage allowance @ 45p/mile for however many business miles have been done.

Thanks.

You cant claim any of it. The 45ppm you are charging your company is to reimburse you for all of the costs of using your car for company business use ie fuel, insurance, repairs etc.

If your company provided you with a company car it could then pay for all of the car running costs including insurance but you'd have to pay tax as a result of having the car as a benefit.

 

[Nim]

You cant claim any of it. The 45ppm you are charging your company is to reimburse you for all of the costs of using your car for company business use ie fuel, insurance, repairs etc.

If your company provided you with a company car it could then pay for all of the car running costs including insurance but you'd have to pay tax as a result of having the car as a benefit.

Thanks very much, this was my thought as well but just wanted to confirm.