Tax

[Woodworks]

11 hours ago, Matthew Storrs said:

Yeah I know, I’m far too much of a pragmatist! Posh trucks just don’t float my boat because they don’t do anything that a 10 yr old one won’t- apart from maybe the privilege of a warm arse and some fancy satellite navigation.

 

 

Dont forget the bunch of electric gadgets that go wrong and a DPF ?

[Rough Hewn]

I'm full time with the local council, started 2 weeks ago.
I'm 3 miles from work!
Not 300 [emoji3]
My mattress is in my house!!!
If I can wangle the ranger then I might get a caravan.
"For the family" [emoji57]
(Or subbing in a few years time)[emoji848][emoji12][emoji106]

[forestboy1978]

1 hour ago, Rough Hewn said:

I've been shot down for the ranger by insurance.
£1700 truck, £2300 3rd party or fully comp, and that's domestic insurance quote

INSANE - How old are you. 

 

I'm paying £600 for commercial use for a 30k machine. They can't use my 7 years no claims on my other commercial vehicle but they partially mirror it. 

 

Shop around. Try NFU mutual, try Aplan and lie about your lowest quotes.

[billpierce]

Gocompare usually comes up with some realistic prices.

[Rough Hewn]

INSANE - How old are you. 
 
I'm paying £600 for commercial use for a 30k machine. They can't use my 7 years no claims on my other commercial vehicle but they partially mirror it. 
 
Shop around. Try NFU mutual, try Aplan and lie about your lowest quotes.

My 1.8 diesel escort van is about £400 annual
But in fairness I've only been driving since march.
I'm 42.

[Richard 1234]

My 1.8 diesel escort van is about £400 annual
But in fairness I've only been driving since march.
I'm 42.

That’s where you are falling down.
If married try adding wife as named driver that should bring it down (providing she drives that is!)

[donnk]

sorry to cast rain on your parade. You've taken a bank loan which you have to pay out of post tax income to buy a second hand pickup and your not vat registered to boot in spite of haveing a large project for which you need £10k of mats.

 

sounds to me you've pi$$ed away a good £10k+ for no good reason at all that you had to borrow to pi$$ away as well!

 

Sorry to be harsh mucker but if you had an accountant he would have made it sound a lot nicer !!

 

 

[swinny]

15 minutes ago, donnk said:

sorry to cast rain on your parade. You've taken a bank loan which you have to pay out of post tax income to buy a second hand pickup and your not vat registered to boot in spite of haveing a large project for which you need £10k of mats.

 

sounds to me you've pi$$ed away a good £10k+ for no good reason at all that you had to borrow to pi$$ away as well!

 

Sorry to be harsh mucker but if you had an accountant he would have made it sound a lot nicer !!

 

 

It doesnt matter how you pay for the vehicle. If its for business use and bought in the business name all is fine. 

 

You can do what you want to buy the vehicle, cash, personal loan, business loan, bacs, finance anything.

 

Taking a bank loan out can come out of business account and be put against your tax.

 

not post tax!

 

they may deduct 10% of running costs for personal use

Edited July 29, 2018 by swinny

[Richard 1234]

sorry to cast rain on your parade. You've taken a bank loan which you have to pay out of post tax income to buy a second hand pickup and your not vat registered to boot in spite of haveing a large project for which you need £10k of mats.

 

sounds to me you've pi$$ed away a good £10k+ for no good reason at all that you had to borrow to pi$$ away as well!

 

Sorry to be harsh mucker but if you had an accountant he would have made it sound a lot nicer !!

 

 

Why do you care how he spends his(or his banks) money.

He could buy it himself and claim mileage, or buy it through the business and take off a percentage for personal use. It doesn’t need to be post tax at all!edit just seen another post with same things said

[s o c]

2 hours ago, swinny said:

It doesnt matter how you pay for the vehicle. If its for business use and bought in the business name all is fine. 

 

You can do what you want to buy the vehicle, cash, personal loan, business loan, bacs, finance anything.

 

Taking a bank loan out can come out of business account and be put against your tax.

 

not post tax!

 

they may deduct 10% of running costs for personal use

Got audited here a few years ago and revenue contested my travel expenses.

had 3 work vehicles. Wasn’t running family car from business apart  from fuel when used for pricing etc.

they pretty much tried to bully us into owning up to loads of private use( that never happened)

we stood our ground , eventually they accepted on condition that going forward we deduct 20% for private use.

works fine because can now claim for everything.

Crew cabs are flavor of the month over here at the moment for attention from law, vat etc