Boom! New contract sourced via my network for an extra £80/day. Had six months to go on my existing gig, but felt it was coming to an end with "transitioning to BAU" being mentioned at every opportunity. Starting to feel like a proper contractor once again after a 2 year hiatus as a permie...
It does have me thinking about leasing EVs again. I made post about 6 months ago (https://forums.contractoruk.com/gene...look-like.html) and the general consensus was it's not really saving money, and for once I listened and sat on my hands. However, with our current household expenditure I am going to be on the cusp of paying higher dividend tax, and after my first foray into EV ownership (privately owned used Nissan Leaf), I'm pretty much sold on the idea of EV for daily driving, despite being a hardened petrolhead. If I can transition some of our motoring costs inside the ltd co, potentially it will help me to reduce dividend tax.
As a bit of nerd, I'm spreadsheeting the numbers to see if the man-maths makes any sense. However, one area I'm a bit unsure on, and am embarrassed to admit this having worked in the industry for 20-odd years, is insurance: how does leasing a car via your ltd co impact your insurance? I.e.:
- Can you transfer your NCD to the company? (I'm assuming policy holder would be Fiisch Ltd., registered keeper is Leasing Co and then driver would be Mr & Mrs Fiisch). Or is this another scenario where you are expected to start from 0 yrs NCD? Presumably the premiums are a bit higher than a traditional owner-driver policy?
- Has anyone managed to get a multi-car policy, where one car is privately owned, the other leased via your ltd co? Or have you been forced to go down two separate policy route?
I know, I know, I'm spending my increase before I get it, but I'm quite taken by the new Ford Capri. Ford have really pulled this one out the bag, a massive improvement on the fugly 80's version............................
It does have me thinking about leasing EVs again. I made post about 6 months ago (https://forums.contractoruk.com/gene...look-like.html) and the general consensus was it's not really saving money, and for once I listened and sat on my hands. However, with our current household expenditure I am going to be on the cusp of paying higher dividend tax, and after my first foray into EV ownership (privately owned used Nissan Leaf), I'm pretty much sold on the idea of EV for daily driving, despite being a hardened petrolhead. If I can transition some of our motoring costs inside the ltd co, potentially it will help me to reduce dividend tax.
As a bit of nerd, I'm spreadsheeting the numbers to see if the man-maths makes any sense. However, one area I'm a bit unsure on, and am embarrassed to admit this having worked in the industry for 20-odd years, is insurance: how does leasing a car via your ltd co impact your insurance? I.e.:
- Can you transfer your NCD to the company? (I'm assuming policy holder would be Fiisch Ltd., registered keeper is Leasing Co and then driver would be Mr & Mrs Fiisch). Or is this another scenario where you are expected to start from 0 yrs NCD? Presumably the premiums are a bit higher than a traditional owner-driver policy?
- Has anyone managed to get a multi-car policy, where one car is privately owned, the other leased via your ltd co? Or have you been forced to go down two separate policy route?
I know, I know, I'm spending my increase before I get it, but I'm quite taken by the new Ford Capri. Ford have really pulled this one out the bag, a massive improvement on the fugly 80's version............................
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