I8, ltd company purchase

[Gh76]

The initial message was deleted from this topic on 10 October 2015 at 18:55

[andrew]

Gh76 said:

Been looking to buy a nice car for myself for a while and ive started to look at the i8. Not only for its looks and daily drive useability but for financial reasons.

So i have a vat registered development company and will be showing profits in the next yr returns.
If i was to buy a vat qualifying i8 ( seen some posted for 85k on auto trader) . Would i be able to reclaim 20% vat of the 85k (assume its 100% business use). Tht gets the car to 68k. Then assuming it can be offset against corporation tax, i can get another 13k off ? Makng the car an actual cost of 55k?

Yes i know whn i sell it , i would have to pay bck vat on sale of car and any CTax from sale of car.

The benefit in kind also sounds minimal.

Has anyone triedthe above and confirm tax treatment? Would be great if the tax man was paying Almost half the cost of running this car.
Thanks

you win

[johnnyreggae]

There are discussions about this in the EV section - pretty sure vat qualifying does not mean vat qualifying ie no regular user can reclaim the vat on the purchase price new or used of a private car

[andrew]

hth

https://www.youtube.com/watch?v=YbYWhdLO43Q

[Gh76]

Just reposted message into supercar general forum.

[TISPKJ]

There was a big thread about buying an i8 just before they came out on here, seems like yesterday so probably 3 years ago but they covered the tax lark in depth from memory.

[Gh76]

Thanks, will try using search function to find.

In the meantime if someone has actually bought the i8 under ltd company , would appreciate a breakdown of the numbers.

[TISPKJ]

Here you go this is the one I was thinking of ...... Apologies if no good

http://www.pistonheads.com/gassing/topic.asp?t=142...