Tax

[Mark J]

If I were you, I'd employ an accountant.  I can recommend one if you like.  Nice truck.

[westphalian]

Yes, very sexy. I prefer the understated like the L200 single cab. Nice and big load area

 

[donnk]

contract hire it. Some good deals £200+ a month. 

100% tax deductible, no bills. put the 50k in the bank.

[forestboy1978]

13 minutes ago, donnk said:

contract hire it. Some good deals £200+ a month. 

100% tax deductible, no bills. put the 50k in the bank.

A van of that spec new inc vat is nearer 400 per month approx with 2k deposit and I'll never own it.

 

The one above is 500 per month px shitty smart car as deposit and I'll own it in 5 years and probably still keep it. 

I like to buy things nearly new and look after them and keep them. 

 

I'm also currently not VAT registered and I wont be for about 6 more months cos I'm doing work on the house.

[donnk]

much better deals on wildtracks

 

http://www.pickuptrucksdirect.co.uk/ford-pickup-leasing/ranger/pick-up-double-cab-wildtrak-3-2-tdci-200-auto-7380.html

 

remember 'you' are not buying it the company is. you save the full cost against tax. so its not costing you 250 a month its 250 less corp tax and the double win the company pays it not you out of your post tax income.

 

As for VAT, if your planning to register then start making a big list of ever tool/plant/kit you currently have, find the receipts - you can go back 4 years - and add up all that VAT and you will reclaim it on your first return. Same for the contract hire payments.

 

Unless your company is dormant putting a £40+K transaction through should push you over the VAT registration anyway. And why wouldnt you want to reclaim £8k+ of VAT unless you like funding the welfare state on your own!!

 

 

You really need to have this conversation with an accountant, NOT a bookkeeper. There are other ways to save on tax which they can advise you on.

 

 

Edited July 23, 2018 by donnk

[Matthew Storrs]

5 hours ago, forestboy1978 said:

i'm 50/50 on buying this

 

Certainly not my style but everyone’s different! Makes me think of action man for some reason.

Personally I think  that amount on that is a quick way to lose money, I bet you could spend £10k on something tidy that will do everything that truck will, you could spend the extra £20k on a machine which is what really earns the money and little depreciation to boot- not sure of your trade so can’t suggest what- but diggers/chippers/mini loaders and the like will see a better return on your investment for sure. 

That said if you have a desire to splash the cash then go for it!

[LeeGray]

Leasing definitely the cheapest way to own a vehicle like this, as your only paying interest on the (massive) depreciation, never liked the idea of borrowing for depreciation myself though so buy older stuff or ex demo etc where possible. Think the tax man may get suspicious if you’ve got a £30000-£40000 vehicle on the books but declared less turnover than vat threshold 

[Blake@waveney]

9 hours ago, Matthew Storrs said:

Certainly not my style but everyone’s different! Makes me think of action man for some reason.

Personally I think  that amount on that is a quick way to lose money, I bet you could spend £10k on something tidy that will do everything that truck will, you could spend the extra £20k on a machine which is what really earns the money and little depreciation to boot- not sure of your trade so can’t suggest what- but diggers/chippers/mini loaders and the like will see a better return on your investment for sure. 

That said if you have a desire to splash the cash then go for it!

I totally agree here buy kit that will make your day to day work easier and more profitable. As nice as it is , look about more you ll get a real nice motor for much less than that.

[Steve Bullman]

Careful you don’t get caught out on the payments on account in subsequent years 

[donnk]

4 hours ago, Steve Bullman said:

Careful you don’t get caught out on the payments on account in subsequent years 

another reason to see an accountant and go Ltd. Cant be self employed as a director.