Self employed ? read this !

YOOZY · Nov 16, 2009

Saw this and reckon its not a much publised thing by the Government. Might help some of us get a bit back off em.

http://www.motorcyclenews.com/MCN/N...mber/nov0909-Save-up-to-40-on-new-motorcycle/

Batfastard · Nov 16, 2009

I'll forward that to my accountant, but I am rather sceptical.
It's difficult to justify a motorcycle as a business expense - unless of course you are a courier.

seanramsay · Nov 16, 2009

a saw it in aw, but ahm ****** if a ken hoo tae get ma tools and power gear on the back o the hoor, unless a get it like wallace an grommit lol

Batfastard · Nov 17, 2009

I got the response from my accountant this afternoon.

It can be done, but since the whole point of having accountants is to avoid paying 40% tax, it's only worth a 21% saving.

So on my factory say 2100 quid back from the taxman, but there is a 20% levy for "private use" and I would pay tax on that annually ~ Â£400 per year, plus a Â£256 per year class A contribution, or in simple terms it will cost what is saves, and more if i keep the bike any length of time.

YOOZY · Nov 17, 2009

Its different again if you have a limited company like myself. I think you actualy have to pay more for certain vehicles. Its a blimmin minefield.

Batfastard · Nov 17, 2009

YOOZY said:
Its different again if you have a limited company like myself. I think you actualy have to pay more for certain vehicles. Its a blimmin minefield.

I am a limited company myself - can't work in construction self employed as an engineer, most comapnies won't touch you.

I claim next to feck all in expenses these days as the taxman is always querying everything. Car is my own, but I do get 40p a mile

YOOZY · Nov 17, 2009

A bit of relief would be nice tho eh :blush

Batfastard · Nov 17, 2009

YOOZY said:
A bit of relief would be nice tho eh :blush

I said that to the wife last night, she just gave me "the look" :rolleyes

EyeTye · Nov 18, 2009

Mate of mine had his pal in the Army buy a bike for him tax free. Only downside was it had to stay out of UK for 6 months. Maybe a good idea if you have any pals based abroad.

Tifa · Nov 19, 2009

..if it's your ONLY mode of work transport...then it flies

...but if you use a van/car also, then the amount you claim for the bike will be more or less deducted from your total motor expense claim...

I guess the answer is to submit your claim for a Yamaha M1 on your tax return...that should save you a fair bit imho :thumbup

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