Originally posted by BolshieBastard
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BIK on Classic Car
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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?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by northernladuk View Post
Yeah but charging the company for it... really.
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.Comment
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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 JackComment
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Originally posted by BlasterBates View PostYou 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.See You Next TuesdayComment
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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?I'm alright JackComment
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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.
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 TuesdayComment
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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?
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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.…Maybe we ain’t that young anymoreComment
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The car isn't broken thankfully. It's an e39 m5. So fairly reliable.
But the damn rust honestly.Comment
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