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      04-18-2013, 03:30 PM   #1
scooba0010
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M5 Company Car

I have a friend who has a MB 600 s class company car he is changing his company car for a new M5 ,

I am really curious as to what it must be costing him , he is a accountant and I would have thought as such he would avoid such cars knowing the cost or is he making so much money it doesnt matter.

So my question to the more informed what would it be costing him to run a new M5
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      04-18-2013, 03:32 PM   #2
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Is it defo going through a company or a partnership?
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      04-18-2013, 03:35 PM   #3
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You can lease a M5 for about 700 at month if you know where to look. Needs about 5k up front though
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      04-18-2013, 03:49 PM   #4
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the issue is not the paying for the car it is the BiK tax thats the crippler! (if it is truly a company car)
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      04-18-2013, 05:54 PM   #5
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Here's a cheap lease 589 + VAT
http://www.selectcontracts.co.uk/bmw...to-saloon.html
Hell of a lot of car for the money.
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      04-19-2013, 12:32 AM   #6
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He is a Accountant for one of the larger NHS Trusts , its the BIK I was interested in as the Company (NHS) I assume will pick up the lease agreement.
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      04-19-2013, 02:43 AM   #7
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Nice to see the NHS spending wisely.
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      04-19-2013, 03:58 AM   #8
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Quote:
Originally Posted by scooba0010 View Post
He is a Accountant for one of the larger NHS Trusts , its the BIK I was interested in as the Company (NHS) I assume will pick up the lease agreement.
I think he is in the same situation as anyone who got an IT contract from gov 10 years ago was. He is bleeding them dry!
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      04-19-2013, 04:07 AM   #9
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How many business miles does an NHS Accountant do!

To get that sort of car he must be CFO - 95-110K PA

http://www.england.nhs.uk/wp-content...ance-final.pdf
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      04-19-2013, 04:09 AM   #10
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The NHS operate something like a cheap or subsidiesed lease scheme (I don't understand the details). That may avoid the BIK issue altogether.
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      04-19-2013, 04:16 AM   #11
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I would have thought he is leasing it through his company so he can get the better lease deals but just paying the lease himself and not putting it through the company as an expense therefore not liable for BiK. Easy enough to do.
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      04-19-2013, 05:17 AM   #12
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Not legal though...
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      04-19-2013, 05:29 AM   #13
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Originally Posted by phil200tdi View Post
Not legal though...
Really? Why not? Just use the company name when signing the paper work for the lease, the lease company won't check or care. Then just pay for it with your own personal funds and not the companies hence it not needing to go on the company books. Then if you do any business mileage just claim the petrol back at 45p as usual. Can't really see why this would be illegal and I know LOTS of people that do exactly this.
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      04-19-2013, 05:35 AM   #14
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I know LOTS of people who smoke weed too
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      04-19-2013, 06:00 AM   #15
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I know LOTS of people who smoke weed too
Smoking weed is illegal, signing a lease using a company name but then paying for it yourself is not (as far as I am aware). Obviously you can't claim the VAT back this way but you don't get hit with BiK either. It's just a way to get access to the cheaper lease deals offered to businesses.
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      04-19-2013, 06:51 AM   #16
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This thread has made me angry. Government employees getting M5s as company cars He can't be any good at the accounting either, the NHS is a financial cluster fuck

I don't know anyone that smokes weed and I have no idea how it would have got in my pocket officer.
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      04-19-2013, 07:52 AM   #17
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Doesn't surprise me to be honest. I know lots of contractors who are doing VERY well working for the government, it's literally a license to print money. It's strange that the people responsible for spending our tax money don't seem to have the first clue about things like getting value for money. If a business was run this way, it would be bankrupt within a year.

Almost every Government project is delivered way over budget and late.
When a simple toilet costs 5k to install, you know something has gone terribly wrong somewhere. No wonder the countries in so much sh*t!
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      04-19-2013, 07:55 AM   #18
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Quote:
Originally Posted by scooba0010 View Post
I have a friend who has a MB 600 s class company car he is changing his company car for a new M5 ,

I am really curious as to what it must be costing him , he is a accountant and I would have thought as such he would avoid such cars knowing the cost or is he making so much money it doesnt matter.

So my question to the more informed what would it be costing him to run a new M5
Have you asked him???
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      04-19-2013, 07:58 AM   #19
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Nice to see the NHS spending wisely.
Drop in the ocean Ian. You should see what they pay OT's for the cases they deal with per week
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      04-19-2013, 08:36 AM   #20
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Nice to see the NHS spending wisely.
Coooeee (wave),it's Polly Toynbee again

M5's have to be paid for somehow.

I guess the reduction in the Welfare budget will partly fund the NHS bureacrats luxury wagons.

I bet an accountant spends all 5 days of the week on the road buzzing here and there,the new M5 is really fuel efficient apparently

............................when it's sat in a hospital car park!

I bet he gets to park it for free as well.
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      04-19-2013, 08:38 AM   #21
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Coooee, Polly! Richard Littlejohn here!
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      04-22-2013, 06:54 AM   #22
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To answer the original question.....!

IF its a REAL company car, then the costs would be:

For a bog standard (!) M5 without any options:
Tax payable at 40% 10,147 p.a. (car only)

If fuel provided for private use then:
Tax payable at 40% 2,954 p.a. (fuel benefit)

So, I would suspect that he is just using the company to lease the car....!!
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