Waiting to collect my GTS next week so any help or tips would be great.

[4MBN]

Congratulations and enjoy!

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[gusone]

Collecting my Taycan GTS next Tuesday ? spec attached. Ordered a Turbo S but as we all know long wait and this popped up so could not resist.
Carrera White GTS and not a bad spec(please don’t abuse me as i didn’t spec it ?) demo car was available without the wait.
sub 2,000 miles on it.
Any watch out for, or tips would be appreciated.
offered silly money for my Tesla 3 performance to trade in so why not.
great to meet you all and love these informative forums as you get real answers and experience.
PPF on the front and gtechniq ceramic coat being applied.

Got everything I order more or less. Nice spec. You'll love it in the flesh

 

[Lars]

I believe it is if exclusive for business use and also not available to any other employee for private use. I leave all this to the accountant ? the VAT is a minefield. I’m happy that I got one and still offset against corporation tax which is good news. I’m just going to enjoy it.

Looks great! Careful on the corporation tax offset. It should need to be brand new . Not pre registered Or second hand. See what your accountant says. . Good luck !

 

[TaycanHero]

Looks great! Careful on the corporation tax offset. It should need to be brand new . Not pre registered Or second hand. See what your account says. . Good luck !

Interesting, I wasn't aware of that and you are correct. Second hand EV only 18% of the cost can be offset against corp tax vs 100% new.

 

[Cheekyone]

Interesting, I wasn't aware of that and you are correct. Second hand EV only 18% of the cost can be offset against corp tax vs 100% new.

I have a TurboS on order but too excited to wait.
This came up and I thought just do it.
the 18% is better than nothing and makes it even better in a small way.
Just looking forward to the car ?
Great group on here for information.
thanks ? taycanhero

 

[TaycanHero]

I have a TurboS on order but too excited to wait.
This came up and I thought just do it.
the 18% is better than nothing and makes it even better in a small way.
Just looking forward to the car ?
Great group on here for information.
thanks ? taycanhero

Well... Not really! The difference on a Taycan is paying an additional circa £20k in corp tax vs £0.

That would be the tax saving in year one buying (loss).

Then on selling the car (profit) in year two. Let's assume it hasn't depreciated and sells for £130k.

2023 corp tax is 25% not 19%.

That's £32,500 + £20,000 instead of £32,500 + £0.

That's a lot of missing change.

This is useful to know as I'm in market for a cheap (<£50k) EV to tide me over until the Taycan arrives. I was considering ex demo or second hand. Looks like I'll have to buy new for reasons explained above.

 

[Ant]

Be careful taking advice on tax savings from people who aren't accountants. The 18% year on year allowance can end up being equally benefitial depending on a few factors and also applies to used vehicles.

See: https://smallbizaccounts.co.uk/tax-...tists-with-their-own-company-from-april-2020/

 

[Ant]

Also, a demo car counts as new according to HMRC.

https://www.gov.uk/hmrc-internal-manuals/capital-allowances-manual/ca23153

"New cars are ‘unused and not second hand’. You should accept a car is unused and not second hand even if it has been driven a limited number of miles for the purposes of testing, delivery, test driven by a potential purchaser, or used as a demonstration car."

 

[Ross]

Also, a demo car counts as new according to HMRC.

https://www.gov.uk/hmrc-internal-manuals/capital-allowances-manual/ca23153

"New cars are ‘unused and not second hand’. You should accept a car is unused and not second hand even if it has been driven a limited number of miles for the purposes of testing, delivery, test driven by a potential purchaser, or used as a demonstration car."

Unfortunately a dealer demonstrator with Reg plates (not trade plates) on is by definition 2nd hand when sold on. They have to own
it for 3/12 and do a certain mileage for a bit of VAT dodging or something.

The rule for the full upfront 100% corporate tax relief on an electric company car is clear.
The only thing that matters is the company must be the 1st registered owner of the car.
If the the first registered owner is Porsche Colchester or whoever and you are second owner then it is only 18% relief initially like other vehicles.
If you keep a 2nd hand car in your company for years you will of course get more tax relief but it can’t come close to benefits of 100% all up front.

BiK of course still the same wonderfully low 1%.

Not a problem anyway at the moment in this premium market.
My company bought a new 4S and got 18k corporate tax reduction for buying and a 19k tax bill for selling 5.5k over list 18 months later. No problem as free motoring. The tax relief is protection against the depreciation of a normal market!

 

[Ross]

Apologies for the shit photo!
Here is how to offset the 19k corporate tax bill for the 4S just sold!
Replace it, of course, with a GTS and get a 21k tax benefit. So my tax bill stays a bit better than carbon neutral!
If I sell it in 2 yrs for a premium I might get a 22k tax bill but the company should have 50k from the sale of the car so I should hold off bankruptcy for while longer when HMRC come knocking.
My balloon payment in 2 years is 72k
Exactly 40k less than new price.
If it’s only worth that I might have to find a 15k tax bill if I don’t replace it with another electric Porsche?!
I am going to stick my neck out here and suggest it is going to depreciate a LOT less than 40k or 36% over next 2 years?!
I think wait times are about 2 yrs now for a GTS!

 

[Ant]

Jesus Ross that's a lot of juggling but given the market you can't really go wrong for a foreseeable future, enjoy it while it lasts before the inevitable gov crackdown!

 

[Terrance Sig]

Just drive it.

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