Originally posted by northernladuk
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BIK on Classic Car
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merely at clientco for the entertainment -
In the grand scheme this post has turned purely hypothetical since the the car doesn't apply for classic status.
That alone would make the BIK way more than I could save in terms of VAT/Personal tax/Corp tax.
Maybe it if wasn't a gas guzzling monster it would have been okay.
Probably why so many directors have been buying Teslas recentlyComment
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Originally posted by mgrover View PostIn the grand scheme this post has turned purely hypothetical since the the car doesn't apply for classic status.
That alone would make the BIK way more than I could save in terms of VAT/Personal tax/Corp tax.
Maybe it if wasn't a gas guzzling monster it would have been okay.
Probably why so many directors have been buying Teslas recentlyBlog? What blog...?Comment
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Was the plan involving a non-runner (or one requiring a lot of rebuilding), sell it to the company, get the company to pay for all the repairs, maybe do an engine rebuild while there, charge the company for your time doing the work on it at weekends (see your previous thread about doing overtime), then sell it back to yourself at the same price as you paid for it, or maybe at the same price + cost of materials spent, or at a depreciated value since most cars depreciate?
If so, I’ve got an old Alfa badge, might be off a 1969 Spider. I could sell it to MyCo for £10, then do some “minor repairs” and have a £15k car in a few months……Maybe we ain’t that young anymoreComment
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Originally posted by malvolio View Post
No, that's because pure electrics attract a way better tax treatment to encourage people to buy them, so they make economic sense.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Remember all those MPs that got in trouble for raising expenses that had absolutely nothing to do with their business?⭐️ Gold Star ContractorComment
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Originally posted by PerfectStorm View PostRemember all those MPs that got in trouble for raising expenses that had absolutely nothing to do with their business?
Moat?
Seems I forgot about the toaster -
https://www.shropshirestar.com/news/...penses-claims/
"You’re just a bad memory who doesn’t know when to go away" JRComment
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Originally posted by WTFH View PostWas the plan involving a non-runner (or one requiring a lot of rebuilding), sell it to the company, get the company to pay for all the repairs, maybe do an engine rebuild while there, charge the company for your time doing the work on it at weekends (see your previous thread about doing overtime), then sell it back to yourself at the same price as you paid for it, or maybe at the same price + cost of materials spent, or at a depreciated value since most cars depreciate?
If so, I’ve got an old Alfa badge, might be off a 1969 Spider. I could sell it to MyCo for £10, then do some “minor repairs” and have a £15k car in a few months…
Nah engines solid thankfully, it's just some rust work, but unfortunately due to the lack of supply in terms of decent body shops the prices are going through the roof atm.
But this car is appreciating, I bought it for 15ish, after the rust work it'll probably be worth 25k. The plan was to just pay the BIK forever. I get that obviously becomes a problem if i do ever want to buy it back given it'll be worth a nice chunk of change.
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Originally posted by malvolio View Post
No, that's because pure electrics attract a way better tax treatment to encourage people to buy them, so they make economic sense.Comment
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Originally posted by mgrover View PostI owned a company car before that I did the work on and never thought to charge the company for my time,'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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