S
Stroppymonkey
Well-known member
I thought on all?
Danny
Well-known member
Done 17k since May, and it's been a delight, it's such a better drive than our older shape 3.2 wildtrack. Being the 3L v6 its plenty powerful and it gets worked hard.
At £55k all in, it's a struggle to know what to do in a few years time. Its going to have to be a defender or discovery unless the bik changes.
At £55k all in, it's a struggle to know what to do in a few years time. Its going to have to be a defender or discovery unless the bik changes.
Attachments
Lancs Lad
Well-known member
Nope it's any once contract ends or 2028 deadline.
But it's fine to run a 90k Porsche for pittance tax
Country's fked
Storrsy
Well-known member
What is this benefit in kind thing? As I understand it pickups can no longer be put through as capital assets like you could a digger but what do they mean by benefit in kind?
Lancs Lad
Well-known member
Bik. As an employee of a company.
You could run a double cab pickup as a commercial vehicle.
So flat rate of tax etc.
But not anymore until existing contracts run out of 2028 whichever is earlier
But electric cars still basically free tax to an employee... Obvious what's going on.
groundworker
Well-known member
The car is provided to you by the company as a benefit/part of your pay package which means you'd pay BIK tax on it.
Don't know the ins and out but essentially pickups will be treated like company cars.
Lancs Lad
Well-known member
This sums it up.
www.fleetnews.co.uk
‘Widespread misunderstanding’ around pick-up truck taxation changes
Industry feedback gathered by Isuzu UK has revealed widespread misunderstanding regarding the extent of tax changes to pick-up trucks introduced in April.
www.fleetnews.co.uk
doobin
Well-known member
MI’m no
Doesn’t matter for us sole traders mate.
D
DaveDCB
Well-known member
Who actually pays bik on a pickups/vans anyway (as ltd) if they are used as a proper van for multiple employees like they should be then there really isn’t any need! (Surely?!) and yes it doesn’t effect the sole traders, until they make everyone go Ltd as the gov hates the self employed!
D
DaveDCB
Well-known member
Not sure when it came in, deffo works on the D5 & latest defenders
I tried it and then forgot all about it until this thread popped up, just use the buttons in the boot if I need to drop the back end.
hiluxman
Well-known member
Quarterly returns from April next year for sole traders.
D
DaveDCB
Well-known member
And talk of vat threshold dropping significantly , will sure push folk into LTD
. We did it afew years ago, mostly for the sake of trying to split up personal and business assets etc as everything got abit intertwined after 20odd years of playing at it! It does somewhat help you switch off at night in a roundabout way!
S
Stroppymonkey
Well-known member
Being LTD holds few benefits over SE for most these days, but it does make you keep your finances in much better shape.
hiluxman
Well-known member
V8Druid
do it as well as you can,but learn to do it better
looks like the bottom box " transitional relief" would apply to s/h vehicles
Giles
Well-known member
Also the liability as a limited company you are limited as a sole trader you knock a rock and it rolls down knocks a tree and takes out a high speed train say technically as sole trader they could be taking everything inc your house etc
S
Stroppymonkey
Well-known member
You can also be sued as a director , which is why we have separate insurance for that. Also you often have to underwrite debt personally. If s**t hits the fan with me it will be HSBC getting paid first as I’m personally underwritten with them to the time of 50k +
Don’t use my overdraft (very often) but handy to have .
The Ltd benefits have been gradually eroded over last 15 years :-(
doobin
Well-known member
Who here isn't registered for VAT anyhows?
Storrsy
Well-known member
True but in my case will have to get the vat quarterlies to align with SA quarterlies I think to make it easier
V8Druid
do it as well as you can,but learn to do it better
Footer block 1