BIK on Classic Car - Contractor UK Bulletin Board

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Dark Black replied

18 May 2022, 16:04
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

13 May 2022, 09:51
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

13 May 2022, 08:57
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

13 May 2022, 08:43
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

12 May 2022, 22:32
Originally posted by mgrover View Post

e39 m5.

Most definitely NOT a classic car.
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mgrover replied

12 May 2022, 21:43
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

12 May 2022, 10:36
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.
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TheDude replied

12 May 2022, 08:48
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

12 May 2022, 08:35
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.
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BlasterBates replied

12 May 2022, 08:27
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.
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Lance replied

12 May 2022, 07:58
Originally posted by BlasterBates View Post

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.

If it makes money, would the SIC code need to changed as the business is now in business doing classic car restorations?
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BlasterBates replied

12 May 2022, 07:10
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.
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mgrover replied

11 May 2022, 14:49
Originally posted by northernladuk View Post

Yeah but charging the company for it... really.

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?

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.
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northernladuk replied

10 May 2022, 16:47
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?

Yeah but charging the company for it... really.
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Lance replied

10 May 2022, 15:34
Originally posted by BolshieBastard View Post

A standard uk single phase 7kw home charger would charge an empty 212kw pack in roughly 30 hours. That ignores the fact the pack wouldnt be totally 'empty' nor the last 20% of the charge would be a bit longer so, not 6 day.

I didn't do the maths I watched a Youtube video. Caveat emptor....
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