You’re in business and have a company car or other vehicle. When you sell or ‘dispose of’ it, will the money count as taxable income?
Tags: tax deduction
Whatever the reasons for it, a business loss or net operating loss is nothing to celebrate. Nobody likes losing money, especially if you’ve been working hard to build a successful business. Luckily, you can usually claim the lost money on your tax return.
Here’s how to go about this.
If you’re self-employed and you use your car or van for work, it makes sense that your motoring expenses are tax-deductible, right? Right. As with everything, the reality is a little more complicated. Let’s take a closer look.