Finance method: outright purchase
Mark Tait is the owner and director of software development company MAT Systems, based outside Winchester, Hampshire.
Like many business owners, Mark has bought his car privately and runs it on business for those occasions when he needs it.
“I don’t do many business miles,” explains Mark, who had just bought the 2004 plate Cabriolet from Portsmouth Audi. “The very nature of my business means I tend to work remotely.
“The tax burden of a company car is too much, as well. If I did lots of business miles it might be worth it, but I don’t go and visit clients that often, and when I do I usually take the train. Although with this new Audi I might make a few more exceptions!”
Mark uses the Approved Mileage Allowance Payment scheme (AMAPs) to repay himself 40p per mile tax free for all his business mileage when he does drive to visit clients.
“It’s very simple to administer,” admits Mark. “As long as you record the miles you can’t go wrong.”
Mark, who started his company back in 1995, works from a converted office at the bottom of his garden. “The nature of my work means it’s usually feast or famine,” admits Mark. “But I really enjoy it. No two weeks are the same. One week I’ll be working for a large corporate on a major company project, the next developing an app for a small business,” he says.
About MAT Systems
MAT Systems designs and builds databases and applications for a wide variety of clients, although the company focuses mainly on developing affordable applications for small businesses. Further information can be found at www.matsystemsltd.co.uk.