Paul Phillis & Co Limited
11a Corelli Street
Newport NP19 7AR
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Paul Phillis & Co Limited is registered by the Institute of Chartered Accountants in England and Wales t
carry out company audit work in the UK and Ireland. Details of the company’s professional registrations
can be found at www.auditregister.org.uk for the UK under reference number C001541316.
Paul Phillis & Co Limited is registered in Wales company No. 06288680
If companies purchase a car with CO2 emissions of 110g/km or less before 01.04.13 they will be able to claim a 100% deduction from their profits for the cost in the year of the purchase.
This represents a considerable tax advantage over those which are relieved over a period of time, sometimes it can take up to 50 years for the cost of a car to be fully deducted from company profits.
Visit comcar.co.uk for a lists all cars with CO2 emissions of this threshold and under and there is a greater choice than you might expect, including a BMW Series 3 and Mercedes C Class.
If this is something your company may be looking at, timing of your purchase is crucial. The threshold is dropped to 95 g/km from 01.04.13 which will greatly reduce the amount of cars available.
“100% tax relief on company cars”
As always, we are happy to help advise on these changes or explain them and relevant planning opportunities in further detail. If you are an existing client please speak to your regular contact.
If you are not a client and would like to arrange a free, non-obligation consultation on this or any other matter you feel that we may assist you on please call us on 01633 290745 or complete our contact form to arrange a visit. To receive these newsletters direct to your inbox, please sign-up to our mailing list.