Kedlestone

iTrader: (9)

I've been trying to track the answer down on various wen sites including hmrc but having no luck.

Basically I want to know what benefits I would gain if I bought a pickup being self employed. I know they are classed as LCV so fall under different rules when it comes tax. What can I get back? Do I need to buy new? Is it worth it? I'm looking at a pickup as I need a towing vehicle in the future for my planned race car.

Any help apriceated.

Torquemada

I don't know but have you tried Money Saving Expert, for example, they have a forum that might be helpful although I know some on here will be able to answer your question

madscoob

iTrader: (3)

if its your buisness. lease it you can right the leasing cost straight off your tax bill, and if it carries a tonne its only £210 a year road tax and only £500 a year off your tax allowance for personal use

TelBoy

madscoob

iTrader: (3)

very good lol on lunch break and was eating and typing

TelBoy

The word is write, as in writing, as in write-off

Kedlestone

iTrader: (9)

I'm self employed only so would these rules still apply?

hodgy0_2

yes, the "right / write" rules are universal, whatever your occupation and even on internet forums

zip106

I'm self employed and run a L200 DC for my business.

You don't pay BIK, the cost of the vehicle is just a running cost of the business - whatever it's cost you to run it over the tax year is deductable from your turnover.

I use mine 100% for business so everything I spend on it (fuel, servicing, RFL etc) is tax deductable.
My HP payments are also included.

Mine's paid for in 6 months time, so I need to get another to keep the tax down

mrmadcap

His askin abowt tax benyfits not aw too spell, yu nuggit

RA Dunk

lol

Kedlestone

iTrader: (9)

So am I right in saying that basically the only thing you end up paying is the deposit on the HP? Or is that claim-able to?

I'm looking at the L200 Barbarian on pickup trucks direct. Do you mind me asking where you went for yours?

zip106

I bought mine from a dealer, new. (well, pre-reg)

If you're not VAT registered you have to pay that upfront (but obviously reclaimable if registered), plus the deposit.

The deposit on the HP is classed as a running cost, as are the payments, so claimable.

If I were buying a new truck now , it wouldn't be an L200 - VFM seems to be the Isuzu at the moment.

Silver Knight

Make sure you get a quote of a mitsi dealer as well.
The figures you see on pickup direct is not the final figure.
Also get the service package from mitsi for 650 for 3 services.
the 2nd service on its own is £700!!!!

zip106

As above - get the service pack.

I bought it with mine but only paid £380 for 3 years.
My last service (4 years old but only 33k miles done) cost me £540.

That's more than a major service on the Porsche!

Scooby Soon!

I doubt the tax man will believe you use it 100% for business, I would imagine it would be a good idea to put down some personal use.

zip106

They've believed me for the last 6 years (2 years with previous L200).

Its parked up at the weekend and not used, unless I'm going to work.

I actually take the kids to school in it, but as its on my way to work I'm allowed to do that.
This has been checked, and double checked by two different accountants

corradoboy

Didn't there used to be a loop hole which allowed folk to buy big 4X4's and spec them with no rear seats and blacked rear windows which meant they could be classified as vans for tax purposes. The seats were then re-fitted after signing for collection of the vehicle.

Busterbulldog

iTrader: (1)

Its a commercial vehicle,if used for commercial purposes you can claim every penny back including depreciation

madscoob

iTrader: (3)

landrover disco 3 with rear seats removed and internal flatbed installed is a option, it becomes a van

zip106

Aye, and the depreciation on an L200 is well worth claiming back!