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Financial Focus On…… …..To lease or not to lease


investment allowance (which grants 100% relief for total pur- chases in that year of currently £200,000) and 18% writing down allowance thereafter. (incidental- ly whether a double-cab pick-up is classed as a car or plant is down to the load capacity – but to compli- cate things, sometimes even the weight of the tonneau can affect the result) With Capitalallowances there-


OnE of the questions we are fre- quently asked by small businesses is whether or not to buy a car or van outright, on hP, lease it or some other combination. nowa- days there are seemingly as many ways for you to part with your money as there are models to buy. This month’s article attempts to set out the tax treatment of the more common choices. if you buy a car outright for


your business, the cost of the car will attract Capitalallowances of currently 8% each year on a reduc- ing balance basis. if the car costs £15,000 at purchase, in the first year you will receive £1,200 allowances, in the second £1,104, and so on.


if your particular


choice of horse-less carriage has emissions of less than 130g/km of CO2, (110 g/km fromapril 2018) the rate is 18% and for new cars with emissions less than 75g/km (including electric) there is a spe- cial rate of 100% Capital allow- ances. Vans are slightly different in that they are classified as plant and can be included as a purchase for the purpose of the annual


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fore, the full cost of the car is allowed to you (eventually), sub- ject to any proportionate non- business use restrictions. Equally the costs of running a car are also allowable in your annual accounts, subject again to any non-business use.


When you purchase a car or van


under a finance lease though, things start to get rather more complicated. if the “finance” part is purely a


loan and full title of the vehicle passes to you at the start, you are treated as if you had purchased the car outright. The loan interest ele- ment of the payments become allowable for tax in your annual accounts, subject to any private usage restrictions. if you have a lease agreement,


either contract or operating, this means that the car company retains title of the vehicle and legally the vehicle is not yours (The V5 document from the DVla is a record of the keeper, not the legal owner). Therefore, under a lease agreement you can- not claim any Capitalallowances. instead, the lease payments will be allowable deductions directly


against tax but to add to further complications if you operate on an accruals accounting basis (not cash basis) there is then a 15% restriction on the lease payments being allowable when the CO2 emissions exceed 130g/km. There are further complications for long funding leases, rebate schemes and those for qualifying hire cars (where there is no option to pur- chase at the end of the agreement) and also occasionally when you are required to make a large up- front payment.all the usual costs of running a car in this way (e.g.: fuel & servicing) which you need to pay are still subject to a restric- tion for any non-business use. So which is best? Well apart


from choosing a motorbike (which by and large are a lot sim- pler tax wise) it will depend on the deal offered at the time, your like- ly usage of the vehicle and several other factors such as personal preference and availability of cash. acquiring a vehicle outright means that you own it – which you may not ultimately do at the end of the lease agreement. a lease agreement may put certain usage, mileage or maintenance restric- tions on the vehicle – after all, the lease company may have to sell it themselves at the end of the term (for example, a range rover might have a “no Off road” restriction which probably is not much good if you are a farmer). read the small print to find out. if everything else is comparable, then owning the vehicle outright and claiming Capital allowances will spread the cost of the car over several years. a finance agree- ment, however, will tend to give allowances sooner against tax. This would be preferable in the


case of very expensive cars which would otherwise only attract mini- mal tax relief each year, but is likely to cost more in the first place. lease hire effectively means that you are almost renting the car. if you cannot afford the lease payments in the first place, worrying about the tax treatment becomes secondary. as is often the case, tax plan-


ning is not the be-all and end-all and several factors need to be con- sidered away from the pressure of the car showroom before deciding on which method of purchase is preferable. now where did i put that bro- chure for the newmustang….. ?


For further information on any


of the above points or to discuss your tax affairs generally, please do not hesitate to contact robin Beadle at Ensors Chartered accountants, Saxmundham on 01728 603005. This article seeks to address


general business and financial issues and due care has been taken in its preparation. Ensors cannot accept responsibility for loss incurred by any person, company or entity as a result of acting, or failing to act, on any material in this publication. Specialist advice should always be sought in rela- tion to your particular circum- stances.


Pulham & Co Solicitors The New Additional IHT Residence Allowance


ThE basic tax-free allowance on death is currently £325,000 per person and this has not changed for some time. any unused bal- ance can be transferred to a sur- viving spouse. Since 5th april of this year an additional allow- ance has come into existence for persons dying after that date. a simplified statement would say that if a deceased person has left his house to his children, an ex- tra £100,000 of his estate is also tax free. You do not have to leave the house by Will, a joint owner- ship with your children will be enough to qualify. if you leave the house in trust


this, too, would probably qualify, as almost all family trusts include the children as beneficiaries. Fur- ther, if the house had been given to the children, but the donor did not move out, this gift would not be effective for normal ihT rules, and the house would still be in the


estate, but all is not lost, because it would still qualify for the addi- tional relief. So, a common situation might


be that a testator died last year leaving a house worth £575,000, savings of £100,000 and contents worth £25,000.all of this estate, totalling £700,000, was left to his widow. She later dies (using the same figures, for simplicity) leav- ing her estate to her son, and if this was before 5thapril there would have been £50,000 taxable assets @40%, (= £20,000 tax) but after april the extra allowance means that there is no tax payable at all. For further advice about inheri-


tance Tax and estate administra- tion contact John Pulham at:- messrs Pulham & Co, Egmere house, market Place, Saxmund- ham, iP17 1ag. Telephone (01728) 602084 or Email jsp@ pulham.co.uk


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