O/T importing from the States

[BartW]

Hi,
Probably the best for ARAF.

The idea of getting an F-150 Raptor has been haunting me for a while.
I would want to buy one new and bring it here, to register it to my UK VAT business.

I know I have to pay 22% duty and 20% VAT. I can claim VAT. Can I claim the car value with duty against my corp tax?

The key question, can I buy it in the US for an "export" price, not paying their local VAT?

Hopefully someone could shed some light. The Interweb is proving useless...

[ARAF]

You'd have to ask your accountant about what you can put against your corporation tax, I'm afraid. If it was me, the company would buy it, and I'd write down the total cost of it (including duty and shipping) over a 3 year period, same as with any other vehicle - so it's an expense before profits are calculated.

As for buying it without paying purchase tax, that is correct. If the dealer knows that the vehicle is for export, then they should sell it without sales tax - or refund it once you give them proof of export.
Talking of which, if the truck price is the same in all states, then find the state with the highest purchase tax rate will give you the biggest deduction (as long as you can negotiate the same discount in all dealers).

[BartW]

Thanks Ian

Good start there!

[MyM8V8]

If it comes in as a two door two seat commercial vehicle for the company, you would be able to reclaim the VAT and the vehicle cost would be 100% deductible in the first year. BIK is £500 per annum. I think the RFL would be £225, but you would have to check.

Just be careful - if it's a double cab with four doors, because that loophole has been or is being closed.

As always DYOR and speak to your accountant.

[BartW]

Thank you. I am not going to be able to do anything for a while, still. But it is good to know whether I am dreaming, or is that realistic at all.

Thanks.