So many questions Did you make a profit on the 10 miler Why did you need a 12 month warranty How many bikes are in your collection What are they What bike do you ride (Do you need someone to ride them for you ) TB
I agree Robarano, its a shame people just stop worrying about what people do with there money or there bikes. If somebody wants to buy a bike and put it in a GLASS BOX so bloody what or BURN it THERE MONEY THERE LIFE. It feels like they have broken a CONTRACT with Jo Public lol lol. The main thing here is that you have your bike and you are enjoying it to the fullest with a big fat smile on your face. And the people who have in a glass box or burn them are enjoying to there fullest with a big fat smile on there face.
I am not telling more, it is common sense tbh logic about buying selling, savings in VAT and corporation tax, etc. regarding how many bikes in a company, depends how big and how many employees. Another side as well companies are enticed to buy assets to make money even properties as you pay less tax on selling and can claim everything back, rent them out etc. better for companies to buy if you have more than one property.
I need a new accountant...I had to tell them I could buy a bike for company use and claim the VAT back...god forbid we get in to a ‘grey’ area
Vat rules for buying and selling vehicles as a dealer are different. You cannot claim vat back on a vehicle purchase if you are a dealer. You pay the Vat on the profit when you come to sell it. To claim the vat back on a bike you buy though your business, you can only claim the vat back if the bike is used solely for business. They are the rules but it's up to you if you want to break the rules. Fiddling tax is now viewed as money laundering.
1. No, did not make a profit on the 10 miler, actually it went back to the dealer that delivered it new...as I got exactly my money back, when ordering a V4. Never took delivery of the V4 as dealer kept calling me if he could deliver 'my' bike to someone else, and I would get the next one coming in. Mind that Ducati would not give dealers additional stock (V4's) before the ones they had were sold. So they were trying to get their hands on any bike they could get. Off course I got some reward from the dealer for my patience...and this scenario happened more than once. Finally I lost interest in the V4 as I was working on the 1299 and preferred this over a V4, so never took delivery of it and found a buyer myself, who took delivery as a first owner. 2. I don't...but if you know Robert Cialdini's science and rules of persuasion...the fact that the brain doesn't operate rational...but takes shortcuts when taking decisions...the free stuff you get, makes you say yes, even if you don't need it. 3. Too many...
I still cant really see what you gain. When you sell the bike you have to charge VAT on it, making it an expensive sale. And when the tax man finds the bike is insured for private use too, he will want all his money back. And of course the bike never belongs to you anyway.
duke63, sorry there is a lot to gain. I own a limited company, I use my bike for work etc. it does not cost more to insure a bike for use to and from. and as I own my company, I own my bike, although these days 98% do not own their bike, pcp etc. (I never use PCP, or HP unless it is 0%) remember it reduces your corporation tax as well, you claim the VAT Back, makes quite a saving, ofc when you sell it you have to pay some VAT back.
Or you sell the bike for a normal price which then includes vat and repay it... it’s not rocket science. don’t bother matey, he’s probably creating a file on you as we speak ready for the stazy briefing in the new year
No but the Revenue will say that if the bike is insured for private use (and to and from a normal place of work is private use) then it has an element of private usage which means you cannot claim the VAT back.
As you buy something you need for the business, you increase expense; you buy a 'company transport' vehicle...and don't have to pay corporate income tax, so saving 1. You claim VAT back. Saves you 20% on the total price of the 'vehicle'..saving 2. All maintenance and other cost, will be on the company...again save in corporate tax. Saving 3. Your accountant will depreciate the 'vehicle' to the max...it will be 'written off' after lets say 4 years. After 4 years you buy the bike privatly for what it is worth according to your accountant...as it is almost written off...it will not cost you much. Saving 4. Either you keep it privately, or sell it at the price it is really worth. And have some additional income, without paying income tax on it. Saving 5. That's how people do it in NL. Most MX or Enduro bikes owned by people that have their own business are registered like this. I don't...am not a business owner...so no gains...just taxes taxes and taxes...and from what is left...I buy a bike...although a 2yr old 3 Miles one at a discount.
Nope. Just means that it needs to have bik applied if used for personal use. And, like many, I suspect there is no regular place of work to commute to. That’s the point of being self employed/director; get paid more keenly, take the risk, supported by no one but yourself
You can’t by at the reduced written off value any more according to my accountant - you need 2 proper industry valuations, I used we buy any bike and some online valuation site the last two times and bought for £50 more, that way there can be no comeback if questioned so I’m told
I've set up a company to value a bike for writing off against tax, give it a try, it's pukka. www.I'llvalueyourbikeforpeanuts.com
