Delivery Delays

[Docjonday]

Hi, could you explain how the government is paying for your car? Im self employed in the construction industry and not sure if i can qualify for any sort of kickback.
Cheers!

You can claim the full capital allowance against a full EV over 3 years, hence offsetting the full cost in that period against tax due from profits. However, you need to ensure your business has title to the car or have finance where you have to take title the car at the end of the term. If you lease or have an option to walk away without taking title to the car at the end of the term, you can’t leverage the benefit.

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[Dan1210]

You can claim the full capital allowance against a full EV over 3 years, hence offsetting the full cost in that period against tax due from profits. However, you need to ensure your business has title to the car or have finance where you have to take title the car at the end of the term. If you lease or have an option to walk away without taking title to the car at the end of the term, you can’t leverage the benefit.

Thanks for the response, so in short difficult for me to justify this vehicle as a business expense unlike a commercial van?

 

[Browning]

For reference, post Brexit, it can take at least 7 days to clear customs at U.K. ports. Assuming there are no issues with the paperwork. I assume this is the cause for delay.

Congrats Gary on your good news! Think it’s safe to assume our vehicles will now arrive at the dealership on the same transporter. Let me know if you hear yours has arrived. Will prove ironic if our cars are in adjacent handover bays on March 1 (and we end up both expressing frustration that our cars haven’t been updated to the latest PCM software build!)

Could be a plan , did you ask dealership if its possible to update to latest software

 

[Dan1210]

The communication from start to finish in this whole order process has been pathetic!
The only exception was the smiley happy face of the salesman when I first walked in and placed the order and the original comms re deposit etc.
Put my deposit down 6th Sept and was told delivery could be December.
I guess I’m now looking at March April if I’m lucky.
I only get dealer comms when I chase them.
Otherwise nothing!!
BTW the government £350 grant towards cost of a home charger finishes at end of March.
Even if you haven’t yet rec your car you can get the grant by showing official orders form etc

Always the same, I have bought numerous new cars and the dealers are always your best friend until you have parted with your money! I found Audi to be the worst with Volkswagen being the best. This will be my first new Porsche but reading these threads doesn’t inspire confidence!

 

[Docjonday]

Thanks for the response, so in short difficult for me to justify this vehicle as a business expense unlike a commercial van?

Depends whether part of your salary package you give to yourself has justification for a company car to take you to and from your place of work and visiting clients etc. if your business mileage that you would declare on the car is nil, then you would obviously struggle and be open to challenge from HMRC.

 

[Docjonday]

Could be a plan , did you ask dealership if its possible to update to latest software

I plan to once I receive an update on when they expect the transporter to arrive. They normally get 24 hours’ notice apparently. Are you going to ask also?

 

[Browning]

I plan to once I receive an update on when they expect the transporter to arrive. They normally get 24 hours’ notice apparently. Are you going to ask also?

Yes and will keep you updated

 

[Lars]

Hi, could you explain how the government is paying for your car? Im self employed in the construction industry and not sure if i can qualify for any sort of kickback.
Cheers!

I'm doing the same thing. Not quite 1/2 though..... You get your company to buy the car and you give it to your self as a company car with a v low BIK. The total value of the car (say £100k) can be written off against Tax as soon as you take it on to the books. = £20k. But when you sell it you realise the residual value and have to pay the tax on it. what ever the residual is.... Main thing is the saving and 1 or 2% BIK saving! Ask your accountant.

 

[Lars]

Thanks for the response, so in short difficult for me to justify this vehicle as a business expense unlike a commercial van?

Doesn't need to be a justifiable business expense. Company just has to own it (or have a PCP in the company name).

 

[IainSmith]

so.. it arrived and collected

all extras installed (excluding Matrix headlights and one key)

 

[4MBN]

I'm doing the same thing. Not quite 1/2 though..... You get your company to buy the car and you give it to your self as a company car with a v low BIK. The total value of the car (say £100k) can be written off against Tax as soon as you take it on to the books. = £20k. But when you sell it you realise the residual value and have to pay the tax on it. what ever the residual is.... Main thing is the saving and 1 or 2% BIK saving! Ask your accountant.

Me too. It must be a good idea, my account has done it!

 

[4MBN]

so.. it arrived and collected

all extras installed (excluding Matrix headlights and one key)

Congratulations. It looks stunning. Enjoy!

 

[RGVDave]

Doesn't need to be a justifiable business expense. Company just has to own it (or have a PCP in the company name).

Hi slightly off topic, I am pretty much doing the same through my company, but my guys are struggling to get company insurance for it at a reasonable price, where / who did you go to for the company to insure the car?
Thanks
David

 

[Lars]

Hi slightly off topic, I am pretty much doing the same through my company, but my guys are struggling to get company insurance for it at a reasonable price, where / who did you go to for the company to insure the car?
Thanks
David

I will be the registered keeper on the V5. I will take out the insurance in my name and just charge it to the company. Admiral was the best quote I got.

EDIT. I'm expecting my car to be available early March. I just did a refresh on compare the market. I am the reg keeper and company is the owner. £670 - (without snooping box!) you can get for less with.

 

[RGVDave]

I will be the registered keeper on the V5. I will take out the insurance in my name and just charge it to the company. Admiral was the best quote I got.

Can you be the registered keeper on the V5 if the company is buying it?

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