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Home on wheels

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    Home on wheels

    Just recved this email that quoted

    "If you pay 40% tax or have to complete a tax return each year, here's something you ought to know about -

    The Government has recently created tax incentives which effectively mean that if you invest in a motorhome for hire purposes, you can claim 100% of the purchase price against your annual income tax.

    What that means is that instead of paying tax, you can have a new motorhome instead!"

    I appreciate it was from someone trying to sell me a new Motorhome, but it beats paying for a hotel while gigging away from home (of course you'd be hiring it to yourself).

    #2
    Interesting ... I'd rather have a motor home than pay it as tax myself. How long do you need to keep it for? Got a linky to anything official?

    Comment


      #3
      Originally posted by VinnyB View Post
      What that means is that instead of paying tax, you can have a new motorhome instead!"
      No it doesn't. Unless of course you spend all your income on a motor home.
      Will work inside IR35. Or for food.

      Comment


        #4
        Don't worry I'm sure the road tax for a motorhome will soon eat into any possible income tax gains...
        B00med!

        Comment


          #5
          STOP.......

          As Vectraman says you'll only save the tax if you spend all of you income on the motor home ....... which is probably not a good idea.

          Like any other vehicle a motor home will depreciate - how does the depreciation compare to the tax saving.

          You would have to rent it from yourself at market rate. Any discount on market rate could be considered a benefit and taxed accordingly.

          On top of the depreciation are the running costs (tyres, servicing, fuel, tax disc etc.). Like the depreciation these need to be factored in and compared to the tax saving.

          The simple and best solution here is to forget the whole thing. To me it looks nothing more than a dodgy and misleading sale technique.

          Regards.

          David.
          Low cost accountancy solutions for contractors

          Comment


            #6
            Originally posted by Advocate View Post
            Don't worry I'm sure the road tax for a motorhome will soon eat into any possible income tax gains...
            Doesn't say it has to be a new one, does it? Buy a tax exempt VW camper...

            Comment


              #7
              Originally posted by EvilWeevil View Post
              Doesn't say it has to be a new one, does it? Buy a tax exempt VW camper...
              i can picture it now.. rolling up outside client co. in a beige split screen vw

              "err yeah high mann, im like here to do some .net work, totally crazy wallpaper you got there.. far out"
              The proud owner of 125 Xeno Geek Points

              Comment


                #8
                Originally posted by Zen Contracting View Post
                STOP.......
                Hammertime
                ǝןqqıʍ

                Comment


                  #9
                  Originally posted by DiscoStu View Post
                  Hammertime
                  http://halt.hammerzeit.us/images/hammerzeit.jpg

                  Comment

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