Like any answer to this type of query the true answer is 'It depends'!
Basically you can only claim for the actual business cost ie: if you reserve a vehicle 100% for business use you can claim all of the running costs, as it is your choice - you may not have much of a profit, and be sure to keep accurate mileage logs as HMRC may well ask to see them.
What you do have to watch out for is the jealous inspector. A few years back HMRC objected to an optometrist client using a BMW 535i for his business, as 'an Escort would do the same job'. The inspector (very young IMO) was relying on an ancient case involving a farmer using an Alvis on the farm - soon knocked that argument down.
If you want any more detailed advice feel free to email me off board. If I dont know the answer I probably know someone who will.
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