Reply to: boats boats boats...

[scooterscot]

The sailaway boat scheme which was in the vat notes recently .....

http://customs.hmrc.gov.uk/channelsP...yType=document

Easy peasy - buy it, load it up with booze, food and bog roll, and anchor outside territorial waters for 12 months. Hey presto, you have a vat free boat.

Edited - I thought it was 2 months, but its 12.

very interesting! thanks

[minsky1]

HMRC have it covered ...

The sailaway boat scheme which was in the vat notes recently .....

http://customs.hmrc.gov.uk/channelsP...yType=document

Easy peasy - buy it, load it up with booze, food and bog roll, and anchor outside territorial waters for 12 months. Hey presto, you have a vat free boat.

Edited - I thought it was 2 months, but its 12.

[AtW]

He had plenty of experience.

Normally it's the other way around - the pigs will have you.

[Paddy]

Atw will be your cabin boy!

He had plenty of experience.

http://www.youtube.com/watch?v=f6UPxdK65JU

[AtW]

Quiet. Zeitghost will make canned food from you while eating starter comprising of a few alive mice...

[Sockpuppet]

Bah sock, what did I ever say to you?

Nothing. You just dont strike me as a drive voer to your house and beat you up kinda guy. Zeitghost on the other hand....

[scooterscot]

Cheers...

[ASB]

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.

You can do better than that. If you don't mind sailing (groan) a little close to the wind you can get away with paying only the marginal costs. i.e. provided the cost to the employer of providing the benefit is met then there is no BIK. This can be substantially less than the commercial rate.

I think there was a case involing school fees where masters were provided free places for their children. Taxman wanted tax on the value of school fees, teachers wanted to pay based on benefit of pretty close to nil (i.e. marginal cost of a place). Teachers won. May be worth following up with the accountant.

[AtW]

Atw will be your cabin boy!

Bah sock, what did I ever say to you?

[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?

[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!

[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...

[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.

[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...

[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.