i understand u can offset any interest on ur ip but is it possible to offset interest on a car loan? what if you have a trust owning the car and a trading company using the car for business purposes, could either the trust claim the interest or the company claim it? and if its set up like that would the company be able to claim depreciation on the car or would that be left to the trust.
thanks for any response
AFAIK You can only claim interest deductions if it's for investment purposes, HOWEVER (and I stand to be corrected) you could possibly LEASE the vehicle in the company name and claim THAT as an expense, though I'm sure there'd have to be some clause stating that you had to prove it's for business purposes…
Anyone with a bit more knowledge???
Perhaps best to talk it over with your accountant…
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