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| 09 February 2010 |
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| Tax and eBay |
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| more |
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| 09 February 2010 |
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| Double cab pickups tax surprise! |
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09 February 2010 |
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Double cab pickups tax surprise!
Generally speaking double cab pickups have as much utility as cars, as they do as vans – owners have been seen to polish the inside of the tail gate! Surprisingly there are a number of VAT and tax concessions for businesses that run this type of vehicle.
“Since 1 December 1999 vehicles that have a payload of one tonne or more are no longer treated as cars. Consequently it should be possible to reclaim all the VAT charged when you purchase a double cab pickup as long as it satisfies the payload criteria. If there is any private use of the pickup you will need to restrict your claim – so 10% private use you reclaim 90% of the input tax.”
H M Revenue & Customer now apply the same definition for income and corporation tax purposes
“The net cost of a double cab pickup (after VAT has been reclaimed) could be available for a 100% tax allowance as part of your Annual Investment Allowance - up to a maximum of £50,000 each tax year. If you are a higher rate, self-employed tax payer this is an attractive cash flow option. If you buy a double cab pickup through a limited company you will need to watch out for the benefit in kind charges that may be levied. Even so there should still be an overall tax advantage.”
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