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Previously on "Anyone bought a Motorcycle through their Ltd?"
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I foolishly used to think it was worth doing my own self-assessment and ended up paying more than necessary. My BIK was 20% of bikes value plus related expenses. I used my bike 99% for commuting. Let your accountant work it out for you and you'll undoubtedly be better off.
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Originally posted by BigTime View Postyou will have to charge VAT when you sell it.
Do you pay BIK on clothing?
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I put all my bike expenses through my ltd (including clothing) and my accountant was happy with this. You can reclaim the VAT on purchase of a new bike but you will have to charge VAT when you sell it.
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With the technology involved you should be able to claim the Harley as an agricultural vehicle. .
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Exactly. I'm looking at getting a bike & a pickup (van) and just doing 10k miles in my own car
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Originally posted by Archangel View PostNonsense, VAT on a bike is 100% allowable (it goes down as "plant & machinery")
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VAT is 100% allowable
BIK is 20% on the actual purchase price paid (inc VAT)
Servicing, tax, tyres etc are all added in for that year and are included in the 20% calculation
You should pay the petrol yourself and for any business mileage, the company should pay you a mileage rate commensurate with the actual cost and mpg performance of the bike.
HMRC also told me that the 20% BIK should be calculated on a pro rata basis based on business to personal mileage
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Originally posted by Archangel View PostNonsense, VAT on a bike is 100% allowable (it goes down as "plant & machinery")
How would I get away with Plant & machinery being an IT Contractor. What about as a promotional vehicle???Last edited by roadster198; 17 March 2008, 11:19.
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Originally posted by Sockpuppet View PostYou can't reclaim vat on new cars so I assume that you cannot on bikes.
I assume that the BIK would be treated the same as a car with a different formula.
What does the HMRC site say?
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Originally posted by roadster198 View PostA Harley Roadking and a VFR 800..... the new one I want is a Ducati 848.
I suppose I could start one of those clubs where you can purchase points to ride/drive cars rather than purchase them
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Originally posted by ratewhore View PostWhat are they?
If you get another one then why not start a rental service?
I suppose I could start one of those clubs where you can purchase points to ride/drive cars rather than purchase them
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Originally posted by cojak View PostOnly if you can persuade them that it's a van....
PS That's not taking advantage, that's taking the p*ss...
HTH
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Originally posted by ratewhore View PostYou're a contractor. Just go and buy one and stop fannying around...
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Originally posted by roadster198 View PostAs title. I was thinking of purchasing a new bike and putting it through the business. Anyone done this?
My accountant has put me off putting a car through as he said it would cost a fair bit..... What!? a 1.2 Fiat 500??? surely not. I've just registered for VAT and want to take advantage of it if I can.
PS That's not taking advantage, that's taking the p*ss...
HTH
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