Technically your already cheating the tax man out of some benefit in kind tax so I wouldn’t worry about that, and continue not declaring it like we all do… the biggest problem for you would be not being able to claim 100% of the vat back etc.
Depends how you buy them I suppose? If they're bought through a Ltd co and used as a benifit in kind then more of a change than a sole trader buying it himself. I'd be more worried about the VAT, but having never bought a new vehicle I wouldn't know.
If you swap one this year before july you will be better off than doing it next.
He's not doing bik
Doesn’t sound too encouraging for non LTD Co either
Mike Butler
Tax rules to hit twin cab pick ups. Message, call or email for PROACTIVE advice 07458064162 [email protected] PKF-Francis Clark #twincabpickups #farming #ruraltaxwww.facebook.com
quite simply explained..:
I think there was some language in there that meant that anything with rear doors was included.
They're still going to be the best choice for those that need them, a single cab pickup is essentially useless imo, extra cab would be my preference, but if they're gonna be taxed as double cabs then you may aswell have a double cab.
Car derived vans can use regular speed limits. Purpose built vans with no car derivatives plus pickups over two tons unladed are subject to lower speed limits on some classified roads where there is no lower speed limit imposed and posted.
On motorways - both vans, pickups and cars can sit in the outside lane at 90
what, like a car bought with their private money like the rest of the population do?
No, people have been taking the pee with these, which is why HMRC is changing the rules. It may be less of the case where you live, in the middle of nowhere, but these things are everywhere here and I'll be the vast majority of them are dodgy as f**k in terms of accounting.
PAYE get no choice : declare any even small personal use and you just pay the rate . Flat rate van tax currently , soon to be CO2 heavy penalty based on emissions and CC
HMRC aren’t daft in terms of yield management
sadly this is very true, there are a huge number out there taking the mick out of the regulations, since they know that the chances of getting caught are minuteNo, people have been taking the pee with these, which is why HMRC is changing the rules. It may be less of the case where you live, in the middle of nowhere, but these things are everywhere here and I'll be the vast majority of them are dodgy as f**k in terms of accounting.
From another forum I lurk on, someone explained it better than me, which I have copied and pasted. You can till have one, but there is less tax incentive to do it now.
You post just sounds very bitter and ranty, and somewhat factually untrue.
The UK still remains, by far, one of the easiest countries in the world in which to set up and run your own business. In fact, out of 195 countries in the world, it is statistically the 8th easiest for starting and running a business. We have some of the most relaxed rules around tax and liability that exist. It should be noted that the only reason we have slipped down the list slightly to No 8, is because one of the criteria tested is 'Trading across borders' and Brexit caused some damage there.
Basically, any Tom, Dick or Harry can very easily and simply start a business here, wether a Ltd Co or a Sole Trader, and crack on, with virtually no interference or risk, compared to the rest of the world. Our tax arrangements for business are also generous, certainly in comparison with being PAYE.
I should know as I have been a director of our family Ltd Co for 24 years, owned another Ltd Co business for 11, and also been PAYE for many years for other businesses.
Pretty much everyone I know who owns a Ltd Co, and I know quite a few, absolutely shaft HRMC at every opportunity, with almost zero change of getting caught.
Double cab pickup for the wife to drive the kids around in, plus a business fuel card, even though she never goes anywhere near the business? Yep.
Buying laptops, phones, iPads for the family and putting the bill through the business? Yep.
Buying a few pairs of Hugo Boss jeans and sticking them through as work wear? Yep.
Buying a 65" TV and claiming it's for video conferencing? Yep.
Claiming hotels stays are to visit clients, when actually they are a few days away with the wife? Yep.
Buying stuff in for 'stock' and then quietly slipping it out the back door into your own house? Yep.
Doing jobs for cash? Yep
Making up heaps of milage each year? Yep.
Go bust, walk off without a care in the world and start up again? No problem.
...and hundreds and hundreds more things. I st you not, I know people who own materials supply businesses in the building trade, who have almost built an entire house for themselves with materials 'lost' from their business, and then just claimed it was a poor year with very little Corp tax to pay at the end.
I know contractors who routinely fit kitchens and bathrooms in peoples houses, and the customers asks them to write the receipt out as though it was some building work on their works premises. This sort of stuff goes on way, way more than anyone thinks. It is rife.
All of it egged on by an army of accountants, who clearly believe their role is to aid and abet in every way possible.
So even as someone who owns a Ltd Co, I'm actually happy there is some tightening up going one here and there. I have rarely taken the pee, and still managed to be pleased at how it all turned out financially.
If you actually read the new rules properly, you would see they aren't being backdated and applied to existing vehicles. This has probably strengthened the values of any double cabs currently owned.
Lastly, the cost of tradesmen has almost nothing to do with anything imposed on them by HRMC. The biggest factor, by an absolute country mile, is supply and demand. I should know, I employ 135 of them as I said on a different thread. There just aren't enough of them entering the sector, and too many customers needing work carried out.
Perfect vehicle for your farming needs
