boats boats boats...

[scooterscot]

Has anyone got one of these or something similar? Could I use company money to buy and charter out?

[thunderlizard]

no...but yes, as long as you declare it on your personal tax as a benefit, which it blatently would be!

[Troll]

Wind 'n string eh?
I know someone who is doing similar with a Sunseeker MB in the Med - not too sure how it's going but he just wanted his 2 weeks aboard and charter for the rest.

I believe you can buy anything on the company & as long as you pay benefit in kind for the period you use it, HMG would be happy.

HTH

[DaveB]

Has anyone got one of these or something similar? Could I use company money to buy and charter out?

A boat is a hole in the water into which you pour money. You get two days of pleasure from it. The day you buy it and the day you sell it.

On a more serious note, if you want to do this as a serious charter business then just set up a new ltd to run it. The boat then becomes an asset of the co. a legitimate business expense etc. You would have to make at least *some* money from chartering in order to avoid HMRC seeing it as nothing more than a structure for tax evasion but otherwise you should be ok.

By doing it with a separate co. then you avoid complications of differing VAT rates and business costs and the possibility that your current ltd end up trading at a loss because of the costs of running the boat meaning you can't legitimately declare dividends based on profits, because there aren't any.

[The Master]

as long as you pay benefit in kind for the period you use it, HMG would be happy.

Or pay YourCo a commercial rate when you're using it for your own personal use as opposed to chartering it out.

This is oft overlooked as an option. There is no BIK to pay if you pay YourCo to use the facility, which, as long as you don't take the p1ss could be a little below the market rate without attracting attention.

Of course, as sole shareholder that money may eventually find its way back to you via dividends and so on some time years down the line (assuming that owning the boat doesn't make a once profitable business into a bankrupt one) but that's the sort of thing that can legitimately happen with complex taxation systems.

[scooterscot]

A boat is a hole in the water into which you pour money. You get two days of pleasure from it. The day you buy it and the day you sell it.

Fear not land lover. I'm investigating the possibility of taking a year out do some blue sea crossing... not the weekender type who sits aft with a glass of bubbly waiting for someone to notice me!

But of course would like to charter out when not in use, new LtdCo might be the way to go from what I'm reading...

[Churchill]

I used to have two boats. However, since separating from my wife I only have the one - the newest nicest one.

However, it's a stinky, not a raggy.

If you want to talk boats have a chat with Milan.

[Troll]

Or pay YourCo a commercial rate when you're using it for your own personal use as opposed to chartering it out.

This is oft overlooked as an option. There is no BIK to pay if you pay YourCo to use the facility, which, as long as you don't take the p1ss could be a little below the market rate without attracting attention.

Of course, as sole shareholder that money may eventually find its way back to you via dividends and so on some time years down the line (assuming that owning the boat doesn't make a once profitable business into a bankrupt one) but that's the sort of thing that can legitimately happen with complex taxation systems.

Very astute...

[Sockpuppet]

Has anyone got one of these or something similar? Could I use company money to buy and charter out?

Atw will be your cabin boy!

[The Master]

Very astute...

They don't call me the Master for nothing. It is surprising how people forget that you can enjoy the benefits of the benefit in kind without the 'in kind' bit and that if you are the sole owner of the company, well, that's hardly your fault is it?