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BIK on Classic Car

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  • Dark Black
    replied
    Originally posted by mgrover View Post
    an e39 m5.
    Originally posted by WTFH View Post
    Most definitely NOT a classic car.
    Now if it was an E30 M5......
    Last edited by Dark Black; 18 May 2022, 16:06.

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  • mgrover
    replied
    Originally posted by TheDude View Post

    But an affordable project for those who have grown out of modding Fiestas.

    Put one of those Nurburgring stickers in the back window and you are really motoring
    Defo not modding this one. It's gonna be an OEM queen.

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  • TheDude
    replied
    Originally posted by WTFH View Post


    Most definitely NOT a classic car.
    But an affordable project for those who have grown out of modding Fiestas.

    Put one of those Nurburgring stickers in the back window and you are really motoring
    Last edited by TheDude; 13 May 2022, 09:04.

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  • mgrover
    replied
    Originally posted by WTFH View Post


    Most definitely NOT a classic car.
    By "Classic". I do mean HMRC's definition of classic as per first post.

    But defo one for future :P

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  • WTFH
    replied
    Originally posted by mgrover View Post
    e39 m5.

    Most definitely NOT a classic car.

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

    But the damn rust honestly.

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  • WTFH
    replied
    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.

    Leave a comment:


  • TheDude
    replied
    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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  • Lance
    replied
    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.

    Leave a comment:


  • BlasterBates
    replied
    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.

    Leave a comment:

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