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BIK on Classic Car

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    #31
    Originally posted by BolshieBastard View Post

    A standard uk single phase 7kw home charger would charge an empty 212kw pack in roughly 30 hours. That ignores the fact the pack wouldnt be totally 'empty' nor the last 20% of the charge would be a bit longer so, not 6 day.
    I didn't do the maths I watched a Youtube video. Caveat emptor....
    See You Next Tuesday

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      #32
      Originally posted by mgrover View Post

      Not at all. I maintain all the vehicles I own directly or indirectly. Are you telling me I should?
      Yeah but charging the company for it... really.
      'CUK forum personality of 2011 - Winner - Yes really!!!!

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        #33
        Originally posted by northernladuk View Post

        Yeah but charging the company for it... really.
        But I don't charge the company for it? Am not quite sure I understand what you're getting at? Should I be charging the company for it or not?

        I think theres a fundamental misunderstanding as well. I do currently WFH, but more contracts are unfortunately wanting me in to sod off to Manchester, meaning a nice jaunt on the M62.

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          #34
          You need to discuss this with an accountant as the repairs will probably increase the value of the car significantly. You might need to capitalise the repair costs, in which case it won't be handled as an expense.
          I'm alright Jack

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            #35
            Originally posted by BlasterBates View Post
            You need to discuss this with an accountant as the repairs will probably increase the value of the car significantly. You might need to capitalise the repair costs, in which case it won't be handled as an expense.
            If it makes money, would the SIC code need to changed as the business is now in business doing classic car restorations?
            See You Next Tuesday

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              #36
              Originally posted by Lance View Post

              If it makes money, would the SIC code need to changed as the business is now in business doing classic car restorations?
              The key problem here is the fact that probably the repairs can't be expensed, so putting the classic car through the company is a complete waste of time.
              I'm alright Jack

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                #37
                Originally posted by BlasterBates View Post

                The key problem here is the fact that probably the repairs can't be expensed, so putting the classic car through the company is a complete waste of time.
                indeed.

                On the plus side though. As classic cars are almost always broken, it can't be a 'company car' so there's no BIK to pay.
                See You Next Tuesday

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                  #38
                  Originally posted by mgrover View Post

                  But I don't charge the company for it? Am not quite sure I understand what you're getting at? Should I be charging the company for it or not?
                  That is a question for you conscience.

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                    #39
                    Originally posted by Lance View Post

                    indeed.

                    On the plus side though. As classic cars are almost always broken, it can't be a 'company car' so there's no BIK to pay.
                    Good point, it's probably SORN'd so it would probably go on the books as a business asset.
                    {emotionless greeting}

                    Three Word Slogan

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                      #40
                      The car isn't broken thankfully. It's an e39 m5. So fairly reliable.

                      But the damn rust honestly.

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