How to share?!?

[Spraybob]

Pondering how to share a piece of machinery with another.
I’m a Ltd company, he’s a sole trader.
From a tax point of view how do people do it? How do you split maintenance costs etc?
Splitting use of machine is not really applicable in this situation. TIA

 

[v8willy]

Often thought if sharing then set up a contracting account split 50/50, it buys the machine & mantains it, then it is charged out to each user on a per hour/acre cost.

 

[B R C]

I share everything all costs shared according to acreage split, fairly straightforward, ltd or sole trader wont matter at all.

 

[snipe]

Pondering how to share a piece of machinery with another.
I’m a Ltd company, he’s a sole trader.
From a tax point of view how do people do it? How do you split maintenance costs etc?
Splitting use of machine is not really applicable in this situation. TIA

What machine is it??

 

[4course]

2 bits of sound advice I was given years ago and with the fullness of time have proved correct
neither a borrower or a lender be (polonius to laertes,shakespeare ) and a donkey of your own is worth 1/2 an hoss . (an octogenarian grandad)

 

[Spraybob]

What machine is it??

A tractor for contracting use.

 

[Spraybob]

How would we purchase it together? Split finance and write down against tax, vat reclaim.