BIK on Classic Car

[Lance]

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....

[northernladuk]

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.

[mgrover]

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.

[BlasterBates]

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.

[Lance]

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?

[BlasterBates]

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.

[Lance]

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.

[TheDude]

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.

[WTFH]

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.

[mgrover]

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

But the damn rust honestly.