Pick-up truck through my business?

[sidekickdmr]

Good morning!

I’m in the market for a decent pickup truck, mainly for the 4WD and moving petrol machinery, building materials and wet dogs around.

I was about to buy one cash with my own hard earned, but heard that because they are classed as commercial they can be had for peanuts through a business.

I have my own Ltd company, which has been running about 3 years now, however i work in Finance as a contractor, so no "need" for a commercial vehicle, business wise.

But it would be my only vehicle, that I would use to get to and from work and site visits etc.

Any scope of getting one through the business?

How does it work?

Thanks

[Eric Mc]

A pick-up truck is classified as a commercial vehicle and therefore would be eligible for the much better capital; allowances that go with such vehicles.

HOWEVER, to qualify, the vehicle would have to have a bona fide business use within the business. In other words, it needs to be relevant to the activity being carried out.

[sidekickdmr]

Eric Mc said:

A pick-up truck is classified as a commercial vehicle and therefore would be eligible for the much better capital; allowances that go with such vehicles.

HOWEVER, to qualify, the vehicle would have to have a bona fide business use within the business. In other words, it needs to be relevant to the activity being carried out.

Does carrying my packed lunch count?

[Eric Mc]

sidekickdmr said:

Does carrying my packed lunch count?

Must be a pretty enormous lunch box!!!

[andyb28]

I believe there are now some rules about crew cab trucks?

[BGARK]

sidekickdmr said:

Does carrying my packed lunch count?

Magnetic "trade graphics" are useful

[Guvernator]

Although beware, according to a thread I read on here, pick-ups are the new chariot of choice for chavs\knobs!

[Mammasaid]

andyb28 said:

I believe there are now some rules about crew cab trucks?

autoexpress said:

Double-cab pick-up truck tax benefits explained

http://www.autoexpress.co.uk/vans/95748/double-cab...

[sidekickdmr]

Guvernator said:

Although beware, according to a thread I read on here, pick-ups are the new chariot of choice for chavs\knobs!

Yes I’ve posted on that thread, I’m more of the green muddy brigade than the chrome alloy "warrior" brigade fortunately!

Mammasaid said:

andyb28 said:

I believe there are now some rules about crew cab trucks?

autoexpress said:

Double-cab pick-up truck tax benefits explained

http://www.autoexpress.co.uk/vans/95748/double-cab...

I’ve just had a read of that link, sounds good to me!

Also just spoken to my accountant and she seems to think it wouldn’t be an issue.

So whats a £199 + Vat leased (6+23) ford ranger double cab likely to set me back personally, considering all of the VAT, Tax and benifit in kind benefits?

[Mammasaid]

sidekickdmr said:

I’ve just had a read of that link, sounds good to me!

Also just spoken to my accountant and she seems to think it wouldn’t be an issue.

So whats a £199 + Vat leased (6+23) ford ranger double cab likely to set me back personally, considering all of the VAT, Tax and benefit in kind benefits?

Are you VAT registered? If so you can reclaim the VAT on payments, and of course, the payments are also tax deductible (FWIW I'm not an accountant and any advice received here should checked with a professional)

[sidekickdmr]

Mammasaid said:

Are you VAT registered? If so you can reclaim the VAT on payments, and of course, the payments are also tax deductible (FWIW I'm not an accountant and any advice received here should checked with a professional)

Yes im VAT registered

[Eric Mc]

sidekickdmr said:

I’ve just had a read of that link, sounds good to me!

Also just spoken to my accountant and she seems to think it wouldn’t be an issue.

So whats a £199 + Vat leased (6+23) ford ranger double cab likely to set me back personally, considering all of the VAT, Tax and benifit in kind benefits?

OK - be careful with "leasing". Your business cannot claim the Capital Allowances on a leased vehicle - only if the vehicle is bought outright or purchased using "loan" type finance.

Also, I think the nature of your business may struggle to prove why a pick up would be needed.

[singlecoil]

sidekickdmr said:

So whats a £199 + Vat leased (6+23) ford ranger double cab likely to set me back personally, considering all of the VAT, Tax and benifit in kind benefits?

I'd suggest getting a quote on Mitsubishi and Toyota models as well, they will probably spend less time being repaired.