EllieL Posted May 8, 2018 Share Posted May 8, 2018 Hi! I've recently got a new job and with that has come a decent commute, so I'm looking to sell my current daily, a 67 plate Mazda MX5 (Hairdressers car, I know, but still good fun!) and buy something more sensible to commute in and something to have fun in (really considering a Westfield, looking for something a bit more racy ). However I was wondering how selling the car would affect my income tax? I've looked at sites like this salary tool but there isn't an option for income like that, so was hoping someone here could help me out.Hope to hear from someone soon! Thanks! Ellie Quote Link to comment Share on other sites More sharing options...
DonPeffers Posted May 8, 2018 Share Posted May 8, 2018 Is the car owned privately or business owned? Have you used it for business? No tax if private but business see https://www.gov.uk/capital-gains-tax-personal-possessions "You don’t pay Capital Gains Tax on: your car - unless you’ve used it for business" Quote Link to comment Share on other sites More sharing options...
EllieL Posted May 8, 2018 Author Share Posted May 8, 2018 No, only social and commuting. Thanks for finding that link for me! Quote Link to comment Share on other sites More sharing options...
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