Has anyone got one of these or something similar? Could I use company money to buy and charter out?
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
boats boats boats...
Collapse
X
-
boats boats boats...
"Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain -
no...but yes, as long as you declare it on your personal tax as a benefit, which it blatently would be! -
Wind 'n string eh?
I know someone who is doing similar with a Sunseeker MB in the Med - not too sure how it's going but he just wanted his 2 weeks aboard and charter for the rest.
I believe you can buy anything on the company & as long as you pay benefit in kind for the period you use it, HMG would be happy.
HTHHow fortunate for governments that the people they administer don't thinkComment
-
Originally posted by scooterscotHas anyone got one of these or something similar? Could I use company money to buy and charter out?
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.
On a more serious note, if you want to do this as a serious charter business then just set up a new ltd to run it. The boat then becomes an asset of the co. a legitimate business expense etc. You would have to make at least *some* money from chartering in order to avoid HMRC seeing it as nothing more than a structure for tax evasion but otherwise you should be ok.
By doing it with a separate co. then you avoid complications of differing VAT rates and business costs and the possibility that your current ltd end up trading at a loss because of the costs of running the boat meaning you can't legitimately declare dividends based on profits, because there aren't any."Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.Comment
-
Originally posted by Trollas long as you pay benefit in kind for the period you use it, HMG would be happy.
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.
Comment
-
Originally posted by DaveBA 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.
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..."Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
-
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.Comment
-
Originally posted by The MasterOr 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.
How fortunate for governments that the people they administer don't thinkComment
-
Originally posted by scooterscotHas anyone got one of these or something similar? Could I use company money to buy and charter out?Comment
-
Originally posted by TrollVery astute...Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment