Car lease (writing it off as an expense)

[joshuarex]

Hello all! Sorry for not a very smart question (and most probably - locally related), but it's tough to get info here in Lithuania that would answer my questions specifically.

So the question is related on how does, generally speaking, you could lease a car and write it off as a business expense?

I've a company here that's is similar to what LLC does, and I'm looking for a most effective way(s) to finance the car without investing it too much -> it would be related to my business as an expense almost 100%.

I believe a lot of people are doing this to finance cars not only for their business, but also using that car personally, even though, they're able to do so with their businesses as an expense.

I appreciate any sort of help and, again, I do realise this kind of question should go to my local accountants and what not, but would be interested to hear your thoughts and (maybe) best pracises!

 

[GTsiam]

By leasing a car of your liking to your company, it will be deemed that this car is for business use. Since you own the lessee (your company), you will be able to drive it daily with no problem at all.

It is not a complex issue, as you will incur the “monthly rent“ of the car as an expense plus any prepayment you may required to give prior the car‘s leasing.

Important to note is that you will also incur the fuel as an expense.

So by leasing, generally speaking, you immediately transfer the running and operating costs of the vehicle to your company.

Hope that helped a little, even though I did not tell you something specific.