I am registered as EI reel simple and rent classic cars to holiday makers. I own most of the cars personally and some are owned by other individuals. The ones that are not mine, I receive a % of the rental, pay the insurance but not any maintenance costs, although I often end up managing it. I use my personal car for airport pick up and use the fuel/km calculation to cover costs on this route. Can I register the car under the business and class all maintenance, insurance, repairs bills etc. as this car does not get used personally anymore?
What do you think is the best way of doing this for account purposes. My aim is to be able to recover allowable expenses of the vehicles and also any depreciation. Is its better to perhaps class the income share as rent and I claim 100% of the rental as sales and deduct the rent and any expenses like insurance?