Hello everyone,
I've seen a particularly great deal on an pure electric vehicle I was thinking of otherwise leasing (had a separate thread around this previously). Basically was a demo model with next to no mileage for the 2019 version of the car, going for about 25% less than buying the new 2020 version. Would be a bit of BIK for the tail end of this tax year, but 0% for the next tax year, 1% the year after.
However like many people here my trading situation is in a bit of flux... I may see an outside IR35 renewal where I am or I may take a an offer for a perm role at a small consultancy come March/April, with a view to potentially switching back to day rate contracting if the market changes in, say, a year or so...so not looking to do MVL at this time.
Either way, I'd benefit from buying the car today. Just wondering if there'd be any issues if I was to buy the car today from my company reserves while still trading, and kept in the company / made use of it personally if not trading for an extended period. Any other issues to consider if I decide to pursue MVL later (in say, 12-18 months I decide the market for outside IR35 contracting shows not signs of recovering). Thinking I'd try to sell the car from company to me personally at that point at FMV to simplify the MVL process.
Thanks!
I've seen a particularly great deal on an pure electric vehicle I was thinking of otherwise leasing (had a separate thread around this previously). Basically was a demo model with next to no mileage for the 2019 version of the car, going for about 25% less than buying the new 2020 version. Would be a bit of BIK for the tail end of this tax year, but 0% for the next tax year, 1% the year after.
However like many people here my trading situation is in a bit of flux... I may see an outside IR35 renewal where I am or I may take a an offer for a perm role at a small consultancy come March/April, with a view to potentially switching back to day rate contracting if the market changes in, say, a year or so...so not looking to do MVL at this time.
Either way, I'd benefit from buying the car today. Just wondering if there'd be any issues if I was to buy the car today from my company reserves while still trading, and kept in the company / made use of it personally if not trading for an extended period. Any other issues to consider if I decide to pursue MVL later (in say, 12-18 months I decide the market for outside IR35 contracting shows not signs of recovering). Thinking I'd try to sell the car from company to me personally at that point at FMV to simplify the MVL process.
Thanks!
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