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Buying a second hand car for sole trader business

Newbie

Views 1079

Replies 1

Hi,

I would like to buy a second hand car to use for my sole trader business. Would like to know how would it work:

1) Can I purchase the car under my normal name? Or has to be the sole trader business name?

2) A rego transfer receipt is enough as a proof of purchase for expense?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Champion

Replies 0

If you're a sole trader, there's no concept of a “company car” for you, because there's no legal difference between you and your business, so you will always own the vehicle. Sole traders can use one of these two methods to claim tax relief on business journeys in your own car.

1 REPLY 1

Most helpful response

Champion

Replies 0

If you're a sole trader, there's no concept of a “company car” for you, because there's no legal difference between you and your business, so you will always own the vehicle. Sole traders can use one of these two methods to claim tax relief on business journeys in your own car.