[dxb335d]

Is that legal Gizze?

I want one!

[gIzzE]

I don't know, I have been doing it for 15 years.

Once set up all they care about is getting their money each month.

It is my company that I put it into, I don't say I work for some random company!!

[dxb335d]

Can you PM exactly what you mean/how you do it?

Cheers mate.

[gIzzE]

It is really very simple.

Go to the dealer/broker and give them the business name, set it all up in the business name and then pay the deposit on your personal card.
Also give them your personal bank number for the payments each month.

Then you don't even put it through your books at work, you simply pay it.

Don't even mention it to the accountant if you don't want to.

The only reason they say business users is because they advertise it without the vat.
Many will do it for personal use as well, they simply add 20% vat to the amount, but often the manufacturer wants it for business' only, so if you try and apply personally it can get turned down.

[too hot]

Bmw are currrently doing 0% finance deals on new M3`s.
However the frozen versions are sold out.
They are doing the Limited Edition 500 as well which appears to be a better buy!
I have been out for a test drive this weekend and am seriously considering the upgrade !
I don`t think the deals you have quoted are available to non business users.

[gIzzE]

Originally Posted by too hot

I don`t think the deals you have quoted are available to non business users.

http://www.contracthireandleasing.co...w/m3/12149460/


These guys will do it for personal too.

[gangzoom]

Originally Posted by gIzzE

It is really very simple.

Go to the dealer/broker and give them the business name, set it all up in the business name and then pay the deposit on your personal card.
Also give them your personal bank number for the payments each month.

Then you don't even put it through your books at work, you simply pay it.

Don't even mention it to the accountant if you don't want to.

The only reason they say business users is because they advertise it without the vat.
Many will do it for personal use as well, they simply add 20% vat to the amount, but often the manufacturer wants it for business' only, so if you try and apply personally it can get turned down.

If your using it for personal use and not paying the VAT isn't this just bordering on Tax evasion?? I have no idea when it comes to Tax/VAT stuff, but I know of people who have set up various companies all over the place, and have some very clever accountants and essentially end up paying hardly any income tax....I'm too lazy to even consider speaking to an accountant, let alone set up a company to handle all my income etc

[davyk31]

He will be paying the VAT, the lease company will always add the VAT to the rentals, the company then in some instances can reclaim VAT but only 50% of the amount.

Advertising it this way just makes it look a bit cheaper and more attractive.

[briers]

I think he is paying VAT its just that these companies just want the business deals?

[jimmylad]

Personally I wont be claiming the vat. The deposit & monthly payments can come out of my business bank and the payments will go down as wages so nothing dodgy. As long as the entry goes in the right column on the spreadsheet I cant see a problem. I think i only get a % of the vat for my phone as not all of the calls are business. That's how finely tuned my accounts are. I know my accountant wouln't put it down as a business expense & I wouldn't expect them to either.

Details emailed so fingers crossed but i'm half expecting to be told they have all been allocated.

[sheps]

Originally Posted by gIzzE

Sort of shows what a joke BIK tax is on cars, when a car can cost £400 a month and the government think it is fine to charge someone nearly £900 for that car!!!

Takes the piss, doesn't it.
At the very worst case, the BIK should be the tax difference between what a business pays (in this case, £399) and what a private individual would need to earn (gross) to pay the tax on that theoretical allowance, plus the VAT.

So, in terms of conversational numbers; the business pays £400.
A private individual pays £480 (£400 + the Vodka and Tonic). In order to nett £480 a 40% tax payer would need to earn circa £800. Therefore a fair BIK should to pay tax on the £400 benefit (difference between cost to business and cost to indivdual) one is receiving (i.e. £160)

[peterg1965]

Originally Posted by too hot

Bmw are currrently doing 0% finance deals on new M3`s.
However the frozen versions are sold out.
They are doing the Limited Edition 500 as well which appears to be a better buy!
I have been out for a test drive this weekend and am seriously considering the upgrade !
I don`t think the deals you have quoted are available to non business users.

You would have to be nuts even to get one on 0% if the Frozen Edition DCT can be leased for £12,800 over two years, inclusive of the VED. That's a years worth of depreciation on a new one!

[too hot]

Originally Posted by peterg1965

You would have to be nuts even to get one on 0% if the Frozen Edition DCT can be leased for £12,800 over two years, inclusive of the VED. That's a years worth of depreciation on a new one!

The figures quoted are for Business Users

[gIzzE]

Originally Posted by gangzoom

If your using it for personal use and not paying the VAT isn't this just bordering on Tax evasion?? I have no idea when it comes to Tax/VAT stuff, but I know of people who have set up various companies all over the place, and have some very clever accountants and essentially end up paying hardly any income tax....I'm too lazy to even consider speaking to an accountant, let alone set up a company to handle all my income etc

You pay the vat, if you are a company though you can claim the vat back, you pay vat on sales and claim back all vat on things you buy in, however, in the case of cars you can only claim 50% vat.

It is not tax avoidance, it is simply doing it properly.

If you do claim the vat back though you will have to assign it to someone as a company car, unless it can be proved it is only ever used for company use and within company time, outside of company hours it has to be left on company property too.
So, trying to claim back £35.50 worth of vat will cost you £869 in benefit in kind tax, so obviously just pay it yourself.

[peterg1965]

Originally Posted by too hot

The figures quoted are for Business Users

Just add the VAT, and you can get one as a personal lease. The £12800 was the figure with the VAT added!

[gIzzE]

Originally Posted by too hot

The figures quoted are for Business Users

Originally Posted by gIzzE

http://www.contracthireandleasing.co...w/m3/12149460/


These guys will do it for personal too.

[gIzzE]

Originally Posted by sheps

Takes the piss, doesn't it.
At the very worst case, the BIK should be the tax difference between what a business pays (in this case, £399) and what a private individual would need to earn (gross) to pay the tax on that theoretical allowance, plus the VAT.

So, in terms of conversational numbers; the business pays £400.
A private individual pays £480 (£400 + the Vodka and Tonic). In order to nett £480 a 40% tax payer would need to earn circa £800. Therefore a fair BIK should to pay tax on the £400 benefit (difference between cost to business and cost to indivdual) one is receiving (i.e. £160)

Also annoys me that it is always done on list price too.

Buy a car at a 5 years old and you still pay BIK on list price.

[BoBBoB]

Ordered one today, finance approved, I will speak to supplying dealer tomorrow, its such a great deal it was rude not to.

Basically Frozen Silver, Competition Pack, DCT+, EDC, lowered, Black wheels, carbon stuff, fancy steering wheel, black bits outside all in for 6+35 8k miles for £475 a month (including vat).

[jimmylad]

Originally Posted by BoBBoB

Ordered one today, finance approved, I will speak to supplying dealer tomorrow, its such a great deal it was rude not to.

Basically Frozen Silver, Competition Pack, DCT+, EDC, lowered, Black wheels, carbon stuff, fancy steering wheel, black bits outside all in for 6+35 8k miles for £475 a month (including vat).

I hope they dont tell me that the last one has just been sold

What worries me slightly is I have no debt, no Mortgage, don't use credit cards & pay for everything as I get it so I "could" look bad credit wise. If I get declined then it's plan B.... http://www.autotrader.co.uk/classifi...1500?logcode=p or very similar

The BM is the "sensible" choice but I will be more than happy with either.

Daughter just passed her test today & I have given her a 4k budget to get a car so it's exiting times here at the mo car wise.

[gIzzE]

So, £3500 on insurance and £500 for a car??

Have you had a quote for a car with her passed?

I was shocked at the difference, £1200 for my daughter when she was learning, just under £4000 when she had passed!

[jimmylad]

Originally Posted by gIzzE

So, £3500 on insurance and £500 for a car??

Have you had a quote for a car with her passed?

I was shocked at the difference, £1200 for my daughter when she was learning, just under £4000 when she had passed!

Actually getting some none to shocking quotes at the mo through LV who my BM is insured with. Apparently she will get a discount cos I am with them.

Infact, she has just brought the laptop up to me & she is looking at a Citroen C1 for £3.7k & insurance of £1106. Havent verified she has entered all the insurance questions correctly but I'm quite happy with that. She will pay the insurance at about £120 something over 10 months.

She's 19 BTW.

Just asked/checked & this is with my Mrs as the main driver who has no NCB either as they are all allocated to me for the 1 car we have & one of the reasons for this car is because if I get the GTR my Mrs. wont pilot it so she will be the main driver of the C1 and the same will probably apply if we get the M3. If it was just my daughter they just said it woul be £2k

Hope this makes sense. On my 3rd beer.

[skelts]

Originally Posted by jimmylad

I hope they dont tell me that the last one has just been sold

What worries me slightly is I have no debt, no Mortgage, don't use credit cards & pay for everything as I get it so I "could" look bad credit wise. If I get declined then it's plan B.... http://www.autotrader.co.uk/classifi...1500?logcode=p or very similar

The BM is the "sensible" choice but I will be more than happy with either.

Daughter just passed her test today & I have given her a 4k budget to get a car so it's exiting times here at the mo car wise.

BMW forum or not but my choice would be the GTR all day long. Performance wise it's in a league of its own.