Gifting a company car - corrections on way to do this correctly.

[bobajobjenkins]

Our business is NHS related saving lives. The expansion was quick fast and sudden hence the more modest 95k salary a year. Id be uncomfortable paying myself more. What would you suggest a good salary is in that role?

[cojak]

Our business is NHS related saving lives. The expansion was quick fast and sudden hence the more modest 95k salary a year. Id be uncomfortable paying myself more. What would you suggest a good salary is in that role?

Well, PPE reseller with a flash car, I guess whatever you can get away with.

[ladymuck]

Our business is NHS related saving lives. The expansion was quick fast and sudden hence the more modest 95k salary a year. Id be uncomfortable paying myself more. What would you suggest a good salary is in that role?

Ah you're one of Matt Hancock's friends!

[NotAllThere]

Envy and Jealousy in the air. ...

Strange.

Anyway, your scheme sounds great. Go for it and let us know how it turns out.

[BR14]

So really summarised I'm buying a 87k car for 50k. Not bad....

why ask the question then?
just boasting on an anonymous forum.

[bobajobjenkins]

Socialism whilst some bits are good is clearly in the air, its main fault is the animosity of "Mondeo man" with the neighbours "Ooh what's he getting? I must have better " coupled with the false " Oh if he has more = i have less" which is the root psychology of these nasty replies. These kind of S.O.A.B's i don't have time for.

For the rest of the good people I've found 3 ways to do it and have another tax specialist consultant on the case, as he said on the phone to me " you employ all these people who pay tax, why shouldn't you do it this way?" He then chose the BMW iX Xdrive electric car at 117k and not the Audi Q7. As the Lord said " help your brother and you will be helped ".

To my brothers on the forum, write off the car after one year but for goodness sake pay the tax. Let's say 45000 in tax for a 117,000 BMW. The company would never chase you for that loss because you own the company , hence the tax consultants " why shouldn't you? You've earned it" followed by choosing the more expensive car. At the same time HMRC is happy because they get the full tax claim on the 100,000 which factors in 1 yes depreciation meaning they get the full 40,000 tax based on its market value, not the cads worth 12p so do I pay 4pence tax? If that was allowed everyone would be doing it.

Just make sure you pay the tax to HMRC based on its market value. The amount that is lost the company would chase up but of course it won't because you make a profit. In this case 1.2million. So you get a brand new 117k car for 40 grand. Who wouldn't?

The advice here is based on 2 accountants both of whom chose the better car in this analogy than the one id chosen and should not be treated as gospel but as is on a forum. Please speak to your own HMRC Tax accountants for exact advice but having said that, that was the advice I was given.

Happy motoring guys.

[BR14]

any chance of moving this to General??

[cojak]

Socialism whilst some bits are good is clearly in the air, its main fault is the animosity of "Mondeo man" with the neighbours "Ooh what's he getting? I must have better " coupled with the false " Oh if he has more = i have less" which is the root psychology of these nasty replies. These kind of S.O.A.B's i don't have time for.

You do realise that you’re talking to IT contractors, don’t you? Many of whom will dance on Keir Hardie’s grave and turn up with the flashiest car in the client’s car park (£87k? Phfft..)

What they don’t like is paying more NI and obtaining fewer dividends, and they don’t like corruption and taking the piss in the way that PPE caused that to happen.

So this B is going to finish this thread and your visit here.

Thread closed.

[NotAllThere]

any chance of moving this to General??

I wish. That part of the software is still not fixed.