• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Best route to electric car?

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Best route to electric car?

    Hi all,

    It looks like my next contract will be back outside IR35. I'm hoping before long to be able to make the move to an EV.

    But what's the best option if putting it through ltd co? Buy? Lease? What are the tax (VAT and CT) implications either way?

    Or is there a reason buying or leasing it privately is still better, that I've not considered?

    thanks!

    #2
    Firstly, all elements of electric cars has been covered in detail in other threads. You've asked a few simplistic questions which have extremely long and complicated answers so can't help you in the format you've posted.

    You need to go search out the other threads and read up until you have a basis of understanding and then come back with specific questions. We can't begin to give you everything to answer those questions.

    Go to google and type in 'electric car site:contractoruk.com/forums' you can play around with the keywords when searching for specific things like CT tax etc. You can also narrow it to the accounting section by site:forums.contractoruk.com/accounting-legal/

    Spend a bit of time reading the answers given to other people which will be exactly the same as yours.

    Tax and the like aside.. bearing in mind you stated you are coming 'back outside'. With the market as it is, and by your own example, there is a good chance you'll be going 'back inside' and have the car hanging round your neck. There will be issues around being able to close the company with the car on the books and questions about it being 100% personal use if you are inside etc. So whatever the tax numbers show I think you have to assume you'll be inside for a good chunk of ownership which throws another spanner in the works.

    'CUK forum personality of 2011 - Winner - Yes really!!!!

    Comment


      #3
      I think NLUK nailed it there.
      Public Service Posting by the BBC - Bloggs Bulls**t Corp.
      Officially CUK certified - Thick as f**k.

      Comment


        #4
        Originally posted by Fred Bloggs View Post
        I think NLUK nailed it there.
        Without being a contrived, know it all, condescending ahole agent that should be allowed on the forums?
        'CUK forum personality of 2011 - Winner - Yes really!!!!

        Comment


          #5
          Originally posted by northernladuk View Post

          Without being a contrived, know it all, condescending ahole agent that should be allowed on the forums?
          Well, you didn't tell the OP to ask their accountant. Otherwise, don't push your luck.......
          Public Service Posting by the BBC - Bloggs Bulls**t Corp.
          Officially CUK certified - Thick as f**k.

          Comment


            #6
            Originally posted by Fred Bloggs View Post

            Well, you didn't tell the OP to ask their accountant. Otherwise, don't push your luck.......
            I'm such a failure
            'CUK forum personality of 2011 - Winner - Yes really!!!!

            Comment


              #7
              I have put my electric car through the business and it was the best decision ever. Insurance? Company pays. New tyre? Company pays. Need a dash cam? you guessed it.. company pays. You make massive savings. I took a lease out

              Comment


                #8
                Originally posted by northernladuk View Post

                I'm such a failure


                Don't worry there'll be other opportunities to redeem yourself.

                Comment


                  #9
                  Originally posted by cannon999 View Post
                  I have put my electric car through the business and it was the best decision ever. Insurance? Company pays. New tyre? Company pays. Need a dash cam? you guessed it.. company pays. You make massive savings. I took a lease out
                  What's the BIK on all that personal use, seeing as it's unlikely you're visiting clients.

                  Comment


                    #10
                    Originally posted by ladymuck View Post

                    What's the BIK on all that personal use, seeing as it's unlikely you're visiting clients.
                    1% as it's currently insanely low for electric cars which is what makes them such a good deal.
                    merely at clientco for the entertainment

                    Comment

                    Working...
                    X