Originally posted by LondonManc
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Buying a motorbike through a Ltd Company...
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Originally posted by Stevie Wonder BoyI can't see any way to do it can you please advise?
I want my account deleted and all of my information removed, I want to invoke my right to be forgotten. -
Originally posted by Snarf View PostNot necessarily, I used to work at a co where the contracts stated that once they got home the company vehicles were not to be used, no transport of family in the etc (my friends wife had to drop the kids despite the school being his route to work because of this)... Don't know if that affects the BiK or if that's even why the company did it... But its something to consider..
Give yourself a 0 hours contract that states you have use of a vehicle for work only.
I'd speak to an accountant first though...
http://www.brookson.co.uk/knowledge-...t-in-kind-tax/'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by northernladuk View PostThat's different as it may not be insured but if it was I still think that is pushing the boundaries. The only time I try doesn't apply is if it's a pool car and then it wouldn't be on your drive. Try arguing a contractor has a vehicle that is truly for work purposes only with HMRC. Not a snowball in hell's chance.
http://www.brookson.co.uk/knowledge-...t-in-kind-tax/Comment
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Originally posted by PermMCCon View PostHi Guys, Thanks for the prompt feedback. "NorthernLad" added a link to an old thread that was useful, the basics copied below:Comment
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Originally posted by smatty View PostWould you need to pay the VAT yourself out of the sale price if it goes to an individual who isn't VAT registered?
On the FRS this would be included as income and the FRS percentage applied accordingly.Comment
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This is an interesting thread and has me thinking as I ride to work. On the sole use for business criteria, would having another bike which is used solely for personal use suffice ;-)Comment
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Originally posted by gables View PostThis is an interesting thread and has me thinking as I ride to work. On the sole use for business criteria, would having another bike which is used solely for personal use suffice ;-)
Hi Gables,
If you have a banger runabout bike then yes absolutely, this will make it far easier for you to argue "look Mr Taxman, I have my own personal bike, this other shiny one here is purely for work, promise."
However beware, if Mr Taxman can then produce picks and internet forum quotes of you showing off your new toy and going off to trackdays while the banger runabout rots in the garden, then yes you will have issues.
Point being, by the looks of things this door was closed over a decade ago and if the bike is not genuinely used to help you and the Ltd Company day to day, it is best to claim mileage.Comment
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Originally posted by PermMCCon View PostHi Gables,
If you have a banger runabout bike then yes absolutely, this will make it far easier for you to argue "look Mr Taxman, I have my own personal bike, this other shiny one here is purely for work, promise."
However beware, if Mr Taxman can then produce picks and internet forum quotes of you showing off your new toy and going off to trackdays while the banger runabout rots in the garden, then yes you will have issues.
Point being, by the looks of things this door was closed over a decade ago and if the bike is not genuinely used to help you and the Ltd Company day to day, it is best to claim mileage.
So if the tax man came, I would show him both bikes in the garage :-)Comment
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Originally posted by Kenny@MyAccountantFriend View PostIf your company sells the Bike, VAT would be chargeable on the sale price, as such this should be factored into any selling price.
On the FRS this would be included as income and the FRS percentage applied accordingly.Comment
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Originally posted by smatty View PostAye that's what I thought, so unless you sell it to a VAT registered business then you effectively have to take a 20% hit on the sale price...Comment
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