Choosing between Arnage T, Turbo S/RT, Conti R? :-)
Discussion
Hi Paul & Alex
Thank you both for what I think is probably excellent advice. Like Alex, I too thought Paul's wiper motor story was great, and an excellent example of how owning a luxury car can be made less painful... It's that kind of bill from a main dealer which can take much of the joy out of ownership. I suppose identifying those kind of problems with a main dealer is where you get your added value, particularly if someone else carries out the repair.
I thank you for your comments and agree that history for servicing at least, is well worth holding in the event of a sale..... It's nice to know that a good mechanic should be OK with much of the other stuff.
Paul, re the business use and cost new comment. Thank you for that, it is something that I am aware of but I'd like to thank you all the same, as it is invaluable advice to those who don't know.... With our company, we've found that it works best to submit annual mileage to our accountant and claim a 'pence' per mile, (not sure what it is, I think it's something like 40p for first 20K miles, and slightly less thereafter).
All fuel and bills relating to vehicle running costs throughout the year we pay out of our own pockets. This way you don't get whacked with the crazy car tax, and you'd be suprised how many miles you can rack up in a year when you have an office 200 miles away. :-)
By the way Alex, any news on your search for a car?
Allister
Thank you both for what I think is probably excellent advice. Like Alex, I too thought Paul's wiper motor story was great, and an excellent example of how owning a luxury car can be made less painful... It's that kind of bill from a main dealer which can take much of the joy out of ownership. I suppose identifying those kind of problems with a main dealer is where you get your added value, particularly if someone else carries out the repair.
I thank you for your comments and agree that history for servicing at least, is well worth holding in the event of a sale..... It's nice to know that a good mechanic should be OK with much of the other stuff.
Paul, re the business use and cost new comment. Thank you for that, it is something that I am aware of but I'd like to thank you all the same, as it is invaluable advice to those who don't know.... With our company, we've found that it works best to submit annual mileage to our accountant and claim a 'pence' per mile, (not sure what it is, I think it's something like 40p for first 20K miles, and slightly less thereafter).
All fuel and bills relating to vehicle running costs throughout the year we pay out of our own pockets. This way you don't get whacked with the crazy car tax, and you'd be suprised how many miles you can rack up in a year when you have an office 200 miles away. :-)
By the way Alex, any news on your search for a car?
Allister
The taxation of espensive cars is a nightmare. The mileage allowance is one route and the rates increased to 45p for the first 10000 miles and 25p thereafter from 2011/12
http://www.hmrc.gov.uk/paye/exb/a-z/m/mileage-expe...
If the costs are higher then you can submit a claim for business expenditure if the proportion of business costs (Including a proportion of Finance Costs) exceed the allowance received and
you can claim a deduction for the excess. This however brings you into a capital allowances claim which is complex
http://www.bakertilly.co.uk/publications/Cars-capi...
It might be more expensive getting the accountant to sort it out than the claim is worth!!
There are also a few dodges on the finance front which can make the finance charges tax deductible. If you have your own company and you have a directors loan due to you, you pay for the car from your directors loan and borrow money to replace the directors loan, the interest on which is tax deductible.
Alternatively , or slightly more danngerous, You sell your wife some shares in your company, she borrows the money which is tax deductible for interest and you use the cash to buy a car!!
I have been retired fo a few years now so these may not still work but worth a look.
Paul
http://www.hmrc.gov.uk/paye/exb/a-z/m/mileage-expe...
If the costs are higher then you can submit a claim for business expenditure if the proportion of business costs (Including a proportion of Finance Costs) exceed the allowance received and
you can claim a deduction for the excess. This however brings you into a capital allowances claim which is complex
http://www.bakertilly.co.uk/publications/Cars-capi...
It might be more expensive getting the accountant to sort it out than the claim is worth!!
There are also a few dodges on the finance front which can make the finance charges tax deductible. If you have your own company and you have a directors loan due to you, you pay for the car from your directors loan and borrow money to replace the directors loan, the interest on which is tax deductible.
Alternatively , or slightly more danngerous, You sell your wife some shares in your company, she borrows the money which is tax deductible for interest and you use the cash to buy a car!!
I have been retired fo a few years now so these may not still work but worth a look.
Paul
Hi Alex & Paul
Alex, keep me posted. Likewise I will keep you updated too, although as we're moving house I want to get the new home and mortgage in place before I commit to a car, so like yourself I'm not expecting to buy before late Spring early summer.
Paul, thank you very much for the advice. I'll ask my accountant if there's anything more can be done to benefit us on this front. Going off the subject a little, you seem pretty hot on the tax front.... Do you know anything about Director's Meetings Overseas?
Someone told me that you can submit expenses for one Director's Meeting each year outside of the UK. Have you heard of this before?
Allister
Alex, keep me posted. Likewise I will keep you updated too, although as we're moving house I want to get the new home and mortgage in place before I commit to a car, so like yourself I'm not expecting to buy before late Spring early summer.
Paul, thank you very much for the advice. I'll ask my accountant if there's anything more can be done to benefit us on this front. Going off the subject a little, you seem pretty hot on the tax front.... Do you know anything about Director's Meetings Overseas?
Someone told me that you can submit expenses for one Director's Meeting each year outside of the UK. Have you heard of this before?
Allister
I am not aware of any hard and fast rules. The main criterion is that the expenditure should "Wholly Exclusively and Necessarily " expended. Many people say they are getting things allowed when in actual fact they have never been challenged by HMRC and if the were, they might fail to get a deduction. This is not however the end of the world as at least you have extracted money from the Company The only proviso is they do not slap a benefit on the individuals. It is however,not beyond the wit of man to coincide an overseas Directors meeting with an exhibition or trade show in say Paris or Monte Carlo!!
Being accompanied by wives might complicate the issue but if the cost of a room is the same for one or two people there is no benefit but do you really want to take your wife to Paris or Monte Carlo!
Paul
Being accompanied by wives might complicate the issue but if the cost of a room is the same for one or two people there is no benefit but do you really want to take your wife to Paris or Monte Carlo!
Paul
Hi Paul
Thank you for your comments which certainly provide food for thought and different angles to consider. As for whether or not I'd choose to take my wife with me on a Directors Meeting to Paris or Monte Carlo.... As she's joint Director, I'm afraid I probably wouldn't have much choice!
I will keep you updated on my search for a Bentley Arnage.
Thank you once again for all your help, on all fronts.
Allister
Thank you for your comments which certainly provide food for thought and different angles to consider. As for whether or not I'd choose to take my wife with me on a Directors Meeting to Paris or Monte Carlo.... As she's joint Director, I'm afraid I probably wouldn't have much choice!
I will keep you updated on my search for a Bentley Arnage.
Thank you once again for all your help, on all fronts.
Allister
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