sinbadsailor
Registered User
- Messages
- 240
As for BIK, I think if you get a car (i.e. not a commercial) then the BIK is levied on 30% of it's value at purchase for the duration of the term.
Another thing to consider depending on how practical it is for you and I do it myselfis to get a classic car as your company car. I have a company car and drive a classic Jaguar sports car. The BIK is nominal. As the BIK is based on the original market value of the car and is not affected for inflation. The car only cost a few pound "in old money" and the BIK is still based on that.
That the car cost me €12k is ignored. The original price was about £2,500, the BIK is based on this so its costs me less than €200 per annum.
If you will be doing a lot of milage it is probably not practical.
Really? Maybe you are merely making a statement about how much you are willing to borrow in order to buy a car?If you call to client in a ten year old micra or a brand new merc you are making a statement about your business.
DittoPulling up in a 30 year old Jaguar says different things.
Really? Maybe you are merely making a statement about how much you are willing to borrow in order to buy a car?
Iam a bit confused by this statement, I thought that if you are VAT registered then you can claim the paid VAT back a year end, also I thought that as sold trader if you have picked car lease option with private car, you are only entitled to claim for a max of 23K of vehicule cost spread over the x year lease, I may be wrong but the tax people didn't know either.. can anyone confirm/deny/clarify?I presume if you get a lease trough a sole trader to get a private car (sometimes used for business) then you cannot claim back the VAT on the monthly repayment ?
I know this may also seem shallow but I sometimes jokingly say to people that I measure my success ( as their accountant ) on the cars my clients drive.
Ah, but what about the car YOU drive?
I'd say it's a balancing act. Anything too old/cheap and they'll question your ability. Anything too new/flashy and they'll question your invoices!
Such tough decisions.....
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