Anyone ever considered...

...starting a company so that they can right-off/claim some of the costs of building their supras up??

After realising what I want to spend I have...

but do you know anything about it, i would

but i dont know jack, lol

dont know jack about tax law and or business law in this coutry...

In South Africa, it was easy... Setup a company, car in companies name, all costs go through company, some money through company, IE. mods company that outsources all work to another company.

Then write all costs back to company.... well something like that... I either type faster than I think or vica versus, never can tell.

I think there is probably a few tuning companies that started up on that basis

More than likely... I was actually watching a DVD that I got with a magazine a while ago, where they were chatting to the owners of Dragon Performance, and thats pretty much how they started... They couldnt find anyone to do the work they wanted on the RX7...

wrong post

sorry

Lets me ask my dad to sell his Take-a-way

just that I have seen it a lot overseas, where a group of people, start a company to modify there own cars, and as a business get discounts, write off against tax, and sell a small amount of items...

if possible to do here, would really like to get something like this started.

Lets me ask my dad to sell his Take-a-way

why sell when he can get you working in a NEW business....

I think you could offset a lot of the cost, by claiming it was for business development / advertising etc.

exactly... but how would it work tax wise, credits or cash in hand back?

You would have to consider the tax bill for running a Supra as a company car. It was an expensive car new and I assume it would be quite high on emissions.

I think I need to speak to a tax consultant, about private companies and the likes...

Car would be more for advertising and product testing...

I thought this was exactly what some of the traders did.

Have their car as a company 'demo car', claim all VAT back, spend companies money on the car and not their own (no personal tax incurred) and sell a few bits and peices onto other enthusiasts to scrape together more money for the companies 'demo car'.

It's just the same at the end of the day, except you're in it for your car, rather than to build up a hugely sucessful business.

If it's a company demo-car, as opposed to a company-car given to a member of staff as part of their employment package, then I suppose the tax implications there would be different also.

Sounds like a plan, I am going to have to do some research into this, IE speak to a tax consultant, and then whoever they recommend.

Anyone on here have a good tax consultant or is one?

Sorry for bringing this back to life, but I have been searching on the net, and I am struggling to find information.

Anyone got some ideas on where I can look, people I can speak to, etc???

Thanks,

Graham

Sorry for bringing this back to life, but I have been searching on the net, and I am struggling to find information.

 

Anyone got some ideas on where I can look, people I can speak to, etc???

 

Thanks,

Graham

You just need a talk to a competent accountant IMO.

You just need a talk to a competent accountant IMO.

Can u recommend one?? I dont know any. I dont think the yellowpages is the best place to start looking.

Can u recommend one?? I dont know any. I dont think the yellowpages is the best place to start looking.

hmm. My accountant and his staff all know their stuff pretty well, but I suspect they're quite expensive. Accountants aren't cheap y'know. They charge their time out in the same way solicitors do.

hmm. My accountant and his staff all know their stuff pretty well, but I suspect they're quite expensive. Accountants aren't cheap y'know. They charge their time out in the same way solicitors do.

Yeah I know... thats the problem... I am trying to find one, that can just give me some quick advise, like yes it will be worthwhile and can be done this way... Not paying ££££ per hour with a minimum of 3 hours forr him to say: "um, no."

Dont mind paying for the help, but needs to useful then.

Sure. I think you really need to find someone locally. Speak to a few businesses that you know and ask who does the accounts. Maybe ask for a quick word when they're next on the phone (if it's at your employers).

I think you would have to be seen to be actively trading under the guise that you take. i.e. you would need to be actually buying/selling tuning parts for it to be acceptable/beleivable to HM R&C.

Sure. I think you really need to find someone locally. Speak to a few businesses that you know and ask who does the accounts. Maybe ask for a quick word when they're next on the phone (if it's at your employers).

 

I think you would have to be seen to be actively trading under the guise that you take. i.e. you would need to be actually buying/selling tuning parts for it to be acceptable/beleivable to HM R&C.

Definitely.

Maybe a good point, but I am looking into that as well. Finding out about becoming a re-seller for certain products, etc. The idea there would not really be to make a profit, but rather pass on as much of the discount as possible, and rather just have money passing through the account.

Maybe later make a decent profit out of it.

Thanks!