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Reply to: BIK on Classic Car

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Previously on "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.

    Leave a comment:


  • 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.

    Leave a comment:


  • 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.

    Leave a comment:


  • 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

    Leave a comment:


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

    Most definitely NOT a classic car.

    Leave a comment:


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

    But the damn rust honestly.

    Leave a comment:


  • 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.

    Leave a comment:


  • 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:


  • Lance
    replied
    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?

    Leave a comment:


  • BlasterBates
    replied
    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.

    Leave a comment:


  • mgrover
    replied
    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.

    Leave a comment:


  • northernladuk
    replied
    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.

    Leave a comment:


  • Lance
    replied
    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....

    Leave a comment:

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