Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Please note that it is not permitted to have referral links posted in your signature. Keep these links contained in the appropriate forum. Thank you.

https://www.boards.ie/discussion/2055940817/signature-rules

Jaguar XJ6 1975 Series 2 (Tax/Revenue question)

Options
  • 24-01-2014 12:44pm
    #1
    Jesper
    Registered Users Posts: 814 ✭✭✭


    I'm getting the above car restored professionally. It's been in the family since first purchase so I'm going through a professional and the cost will be 3,000 - 4,000 Euro's. It's for private use but it will be kept at my parents house so I will have very little use of it.
    I am hearing varying opinions on tax or revenue returns I can make with the car. everything from registering it as a movie car or wedding car and writing off the expenses or keeping it private etc.

    Can anyone provide any light on this? I'm not looking to dodge taxes but any benefit I can legitimately claim I feel I'd be silly not to.

    Thanks
    Tagged:


Comments

  • Options
    #2
    corktina
    Closed Accounts Posts: 17,733 ✭✭✭✭corktina


    How is registering a car as a movie car or wedding car not dodging taxes if you are only using it for personal use?


  • Options
    #3
    Dades
    Moderators, Society & Culture Moderators Posts: 25,558 Mod ✭✭✭✭Dades


    Possibly if you register as a business or sole trader you might be able to depreciate the capital cost of the car over a number of years.

    You'd have to be making returns though and have revenue to offset any depreciation against, so the web of lies would quickly unravel. :)

    It's all totally tenuous anyway. Enjoy the €52 motor tax and more on, I suggest.


  • Options
    #4
    JoeySully
    Registered Users Posts: 1,276 ✭✭✭JoeySully


    yea sounds like you are overcompensating it and maybe talking to too many men in pubs

    Is it by any chance on a UK reg? maybe this is why you are getting lots of miss information

    Annual road tax is now €56 :D

    VRT would be €200


  • Options
    #5
    Jesper
    Registered Users Posts: 814 ✭✭✭Jesper


    corktina wrote: »
    How is registering a car as a movie car or wedding car not dodging taxes if you are only using it for personal use?

    What I mean is that my intention is to use the car as a private car but I was told that by making it available as a 'business' the options are different as to the tax/revenue/returns required etc.
    I'm trying to know where I stand so I don't end up following some outdated tax rules or mis-guided advice.


  • Options
    #6
    Jesper
    Registered Users Posts: 814 ✭✭✭Jesper


    Dades wrote: »
    Possibly if you register as a business or sole trader you might be able to depreciate the capital cost of the car over a number of years.

    You'd have to be making returns though and have revenue to offset any depreciation against, so the web of lies would quickly unravel. :)

    It's all totally tenuous anyway. Enjoy the €52 motor tax and more on, I suggest.

    As it happens I work as a contractor so I hold 'LTD' status. But I do not claim a car for personnel allowance as this means declaring the original value of the car as Benefit In Kind each year. I can instead claim millage if the car is used for business purposes only (not including transport to and from work).

    Again I'm not looking for a 'back door/dodgy' means of tax avoidance I had just heard that there was tax breaks for vintage cars and wanted to find out if/any truth.


  • Advertisement
  • Options
    #7
    type85
    Registered Users Posts: 114 ✭✭type85


    "But I do not claim a car for personnel allowance as this means declaring the original value of the car as Benefit In Kind each year"

    How the system is used is to : Get your "LTD" company to buy you a very expensive classic as your company car say a ferrari 246gt which costs today £150,000. and you only pay BIK on the original purchase price of £10,000?

    Or your company could buy your Dad's? car at an inflated price and the you keep it and pay BIK on its original 1975 purchase price


  • Options
    #8
    corktina
    Closed Accounts Posts: 17,733 ✭✭✭✭corktina


    Jesper wrote: »
    As it happens I work as a contractor so I hold 'LTD' status. But I do not claim a car for personnel allowance as this means declaring the original value of the car as Benefit In Kind each year. I can instead claim millage if the car is used for business purposes only (not including transport to and from work).

    Again I'm not looking for a 'back door/dodgy' means of tax avoidance I had just heard that there was tax breaks for vintage cars and wanted to find out if/any truth.

    Joey Sully told you what you need to know.


  • Options
    #9
    pryantcc
    Registered Users Posts: 185 ✭✭pryantcc


    Jesper wrote: »
    I'm getting the above car restored professionally. It's been in the family since first purchase so I'm going through a professional and the cost will be 3,000 - 4,000 Euro's.

    Where can you get a car restored for so little money? It wouldn't be ridiculous to pay this much just to have it painted!! Is there much restoring to do?


  • Options
    #10
    Jesper
    Registered Users Posts: 814 ✭✭✭Jesper


    pryantcc wrote: »
    Where can you get a car restored for so little money? It wouldn't be ridiculous to pay this much just to have it painted!! Is there much restoring to do?

    Chassy and engine in good condition. Very little or no rust. Needs full new front suspension, fuel tanks all new consumables and a lot of new cabeling, inside needs work but where to start/finish will depend on cost. I'll look after the outside and finish myself.


Advertisement