Taxi Driver Online :: View topic

Take on a £400 a month debt to buy a new Superb or keep running my 2009 motor (79k miles) when i will have no repayments after this month just to step up from 40mpg to (unknown) 50mpg+

Sometimes it pays to finance, depending on your tax situation.

thelodger wrote:

Sometimes it pays to finance, depending on your tax situation.

True...you get something like a Quarter of the Vehicle cost as Tax Deductable over 4 years and that Equates to around £100 of that £400 PCM you'll not pay tax on.

it includes (and shows) the £2500 VAT content, if i went VAT regd i could claim that back in the next VAT quarter

wannabeeahack wrote:

it includes (and shows) the £2500 VAT content, if i went VAT regd i could claim that back in the next VAT quarter

Wouldn't you then have to pay a proportion of your fares as VAT, and for a lot longer than one quarter?

gusmac wrote:

wannabeeahack wrote:

it includes (and shows) the £2500 VAT content, if i went VAT regd i could claim that back in the next VAT quarter

Wouldn't you then have to pay a proportion of your fares as VAT, and for a lot longer than one quarter?

but also reclaim VAT on every expense too tho...£6000 a year fuel = £1000 and i could add 20% vat to the school invoices, 80% of my work is account so id charge it and hand it over...

Take on a £400 a month debt to buy a new Superb or keep running my 2009 motor (79k miles) when i will have no repayments after this month just to step up from 40mpg to (unknown) 50mpg+

You've got the figures so do the math and see if it's worth the agro

Take on a £400 a month debt to buy a new Superb or keep running my 2009 motor (79k miles) when i will have no repayments after this month just to step up from 40mpg to (unknown) 50mpg+

wannabeeahack wrote:

Take on a £400 a month debt to buy a new Superb or keep running my 2009 motor (79k miles) when i will have no repayments after this month just to step up from 40mpg to (unknown) 50mpg+

Go on you know you want to.

Nidge2 wrote:

wannabeeahack wrote:

Take on a £400 a month debt to buy a new Superb or keep running my 2009 motor (79k miles) when i will have no repayments after this month just to step up from 40mpg to (unknown) 50mpg+

Go on you know you want to.

go away you

Author:	wannabeeahack [ Sun Sep 14, 2014 10:05 am ]
Post subject:	Do I.....
Take on a £400 a month debt to buy a new Superb or keep running my 2009 motor (79k miles) when i will have no repayments after this month just to step up from 40mpg to (unknown) 50mpg+

Author:	bloodnock [ Sun Sep 14, 2014 10:15 am ]
Post subject:	Re: Do I.....
wannabeeahack wrote: Take on a £400 a month debt to buy a new Superb or keep running my 2009 motor (79k miles) when i will have no repayments after this month just to step up from 40mpg to (unknown) 50mpg+ Run the Older car for as long as you can, Bank the £400 PCM towards another car and then buy a new Debt Ex Demonstrator car in around 36 months...After you have that Initial Cushion Cost in place you will always be to be one be one jump Ahead and not need worry about the last car you buy. Why Pay the HP companies money just to appease your own Impatience. It would be Different if you were starting up from Scratch with no current car.

Author:	thelodger [ Sun Sep 14, 2014 12:20 pm ]
Post subject:	Re: Do I.....
Sometimes it pays to finance, depending on your tax situation.

Author:	bloodnock [ Sun Sep 14, 2014 12:30 pm ]
Post subject:	Re: Do I.....
thelodger wrote: Sometimes it pays to finance, depending on your tax situation. True...you get something like a Quarter of the Vehicle cost as Tax Deductable over 4 years and that Equates to around £100 of that £400 PCM you'll not pay tax on.

Author:	wannabeeahack [ Sun Sep 14, 2014 8:45 pm ]
Post subject:	Re: Do I.....
bloodnock wrote: thelodger wrote: Sometimes it pays to finance, depending on your tax situation. True...you get something like a Quarter of the Vehicle cost as Tax Deductable over 4 years and that Equates to around £100 of that £400 PCM you'll not pay tax on. (Playing Devils advocate) :- The tax benefits are only achieved after the 1st year, in the tax calculation, the repayments start from day one.... (not saying it wont happen), BUT, the invoice for the new car is "in total" and issued on delivery, it includes (and shows) the £2500 VAT content, if i went VAT regd i could claim that back in the next VAT quarter

Taxi Driver Online http://www.taxi-driver.co.uk/phpBB2/

Do I..... http://www.taxi-driver.co.uk/phpBB2/viewtopic.php?f=8&t=25122	Page 1 of 2

Author:	gusmac [ Sun Sep 14, 2014 9:00 pm ]
Post subject:	Re: Do I.....
wannabeeahack wrote: it includes (and shows) the £2500 VAT content, if i went VAT regd i could claim that back in the next VAT quarter Wouldn't you then have to pay a proportion of your fares as VAT, and for a lot longer than one quarter?

Author:	wannabeeahack [ Sun Sep 14, 2014 9:09 pm ]
Post subject:	Re: Do I.....
gusmac wrote: wannabeeahack wrote: it includes (and shows) the £2500 VAT content, if i went VAT regd i could claim that back in the next VAT quarter Wouldn't you then have to pay a proportion of your fares as VAT, and for a lot longer than one quarter? but also reclaim VAT on every expense too tho...£6000 a year fuel = £1000 and i could add 20% vat to the school invoices, 80% of my work is account so id charge it and hand it over...

Author:	gusmac [ Sun Sep 14, 2014 9:12 pm ]
Post subject:	Re: Do I.....
wannabeeahack wrote: gusmac wrote: wannabeeahack wrote: it includes (and shows) the £2500 VAT content, if i went VAT regd i could claim that back in the next VAT quarter Wouldn't you then have to pay a proportion of your fares as VAT, and for a lot longer than one quarter? but also reclaim VAT on every expense too tho...£6000 a year fuel = £1000 and i could add 20% vat to the school invoices, 80% of my work is account so id charge it and hand it over... You've got the figures so do the math and see if it's worth the agro

Author:	Sussex [ Sun Sep 14, 2014 9:13 pm ]
Post subject:	Re: Do I.....
wannabeeahack wrote: Take on a £400 a month debt to buy a new Superb or keep running my 2009 motor (79k miles) when i will have no repayments after this month just to step up from 40mpg to (unknown) 50mpg+ It all depends on peace of mind and the level of your clientele. Personally I would buy the new motor, but then I always do.

Author:	wannabeeahack [ Sun Sep 14, 2014 9:18 pm ]
Post subject:	Re: Do I.....
gusmac wrote: You've got the figures so do the math and see if it's worth the agro Was VAT regd for quite a few years, I ran 3 LWB vans on courier work, so the aggro (as you put it) is nothing new, and not as much aggro as having PAYE employees with tax+NIC to organise

Author:	Nidge2 [ Sun Sep 14, 2014 9:55 pm ]
Post subject:	Re: Do I.....
wannabeeahack wrote: Take on a £400 a month debt to buy a new Superb or keep running my 2009 motor (79k miles) when i will have no repayments after this month just to step up from 40mpg to (unknown) 50mpg+ Go on you know you want to.

Author:	wannabeeahack [ Sun Sep 14, 2014 11:33 pm ]
Post subject:	Re: Do I.....
£17,416.67 + £3,483.33 (VAT) = £20,900.00 ref capital tax allowances (tax write down) year one being 40%, if you buy the vehicle in the last week of your tax year you get the 40% against that years tax.... £17,416.67 = £6996 or £1500 saved £1500+£3483(vat) = £4900 back in a quarter

Author:	Nidge2 [ Mon Sep 15, 2014 7:52 am ]
Post subject:	Re: Do I.....
wannabeeahack wrote: Nidge2 wrote: wannabeeahack wrote: Take on a £400 a month debt to buy a new Superb or keep running my 2009 motor (79k miles) when i will have no repayments after this month just to step up from 40mpg to (unknown) 50mpg+ Go on you know you want to. go away you Here's some Skoda porn for you.

Author:	ace of spades [ Mon Sep 15, 2014 11:38 am ]
Post subject:	Re: Do I.....

Page 1 of 2	All times are UTC [ DST ]
Powered by phpBB® Forum Software © phpBB Group http://www.phpbb.com/