Timing of Electric car purchase

[courtg9000]

If you need a vehicle for a 3/6 month project, buy/drive a personally owned banger (5 year old Mondeo for example) and make money on 45p per mile.

Google "James Ruppert Bangernomics" or check out Shed Of The Week on Pistonheads if you want something more inspiring than a 5 year old Mondeo for the same sort of dosh or even less

[WTFH]

That was a pricing error by Tesla (data entry admin?) back to normal now.

i.e. showing cost.

[eek]

i.e. showing cost.

It was useful though - as I looked at the price and thought - nope better to get a VW group one.

[Bonglim]

You pay your accountant for a service. Two weeks delay isn't acceptable. Lean on them harder or move. Asking a bunch of contractors because your accountant isn't available doesn't really work.

I often get asked to do more work when I'm already booked up. I can't suddenly create time and I don'y want to work non-stop. So sometimes I tell a client that if they want me to do more work, they have to wait until I am free. If they demand their extra work is done now I politely remind them I am not an employee and carry on with my contracted work.

My accountant is the same. The existing compliance work they have to and will deliver on time. If I ask them to do more work, as far as I am concerned they are within their rights to get through the other work already booked in before getting to my work. I could ask another accountant - but I would prefer to just wait.

[Bonglim]

Out of interest, how will you get to the car? Will you drive a separate one to the office car park to pick up the company car when you need it? Will you claim mileage on the 2nd car?

I plan to keep my existing car (which is very old/ low value) and commute with that until the start of the next financial year.
I cannot claim business use on the old car, because I understand that I cannot count commenting miles as a business expense. Also as the car is fairly old, it won't be a huge amount of tax relief I'm missing out on.

[Bonglim]

Office = home?

You're trying to claim the maximum offset by fiddling around the edges of the tax laws. And you're not even being clever about it. JFRO.

I tried that before, but my accountant says it is not really okay to claim expenses for a massive office, and also claim that my home is my main office.

[Bonglim]

The best time to get a company car was 1992.... Before they were taxed to death.
Spending £100k on a toy, today is sheer madness. Let's put aside the recession for now. Home working is on the rise. If you need a vehicle short term, rent it. If you need a vehicle for a 3/6 month project, buy/drive a personally owned banger (5 year old Mondeo for example) and make money on 45p per mile.

If you've got £100k in the bank then that's your warchest.
If you need to borrow the money then you need to re-align your priorities.

HTH

I have 100k in the bank for a car and a separate warchest. I totally agree in principal that over-stretching yourself is not a great idea at the moment.

[Lance]

I understand that I cannot count commenting miles as a business expense.

is the place of work you travel to temporary?
If it is you can claim as a business expense.

HINT: Most outside IR35 contractors, who are at a client for <24 months, do claim business miles for travel to and from clients' sites. Rule apply. Read them.

[Hairlocks]

It was useful though - as I looked at the price and thought - nope better to get a VW group one.

Why makes a VM one better in your mind?

In my mind the shorter range ( hence same price )Tesla but with the supercharging network is the better option.

[eek]

Why makes a VM one better in your mind?

In my mind the shorter range ( hence same price )Tesla but with the supercharging network is the better option.

Build quality, not having to look sideways to see the speed....