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Vintage buy by compa y

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  • 14-05-2020 12:24am
    #1
    Blub123
    Registered Users Posts: 144 ✭✭


    Had a query around BIK in another thread in the taxation section but have decided that I'll prob pull the trigger on a company bought classic.
    Narrowed down to a couple but it's looking like a
    MB W201 190E 2.5 16 COSWORTH AUTO .. Most prob a 1990 vintage though lhd as the manual rhd in the half leather option I'm looking for are like hens teeth and v pricey.
    Where would someone find the omsp for these older cars.. Is there a central resource or some such?. Thanks


Comments

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    #2
    outfox
    Registered Users Posts: 942 ✭✭✭outfox


    Can I ask how this works with respect to BIK? Will you be liable for the same BIK as an ordinary car? Are you required to prove that the purchase is valid company expenditure? Sorry for the queries. It's just that it's an interesting idea.


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    #3
    Blub123
    Registered Users Posts: 144 ✭✭Blub123


    outfox wrote: »
    Can I ask how this works with respect to BIK? Will you be liable for the same BIK as an ordinary car? Are you required to prove that the purchase is valid company expenditure? Sorry for the queries. It's just that it's an interesting idea.

    Bik is calculated on the purchase price of the car.
    A company can therefore purchase a classic car for a director provided car is used to from work, meetings etc and the value of the car now might be way in excess of the original purchase price. Any upkeep etc can also be put thru the company.

    At least thats my understanding of it tho open to correction


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    #4
    Marcusm
    Registered Users Posts: 10,299 ✭✭✭✭Marcusm


    BIK is calculated on the original market value and the mere fact that it is used by an employee is sufficient. Can all be private mileage. If the OMV is low compared to the utility value then the tax cost is low.


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    #5
    w124man
    Registered Users Posts: 2,316 ✭✭✭w124man


    A colleague of mine looked at this but gave up as he couldn't get commercial insurance on the car because it was too old.


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    #6
    [Deleted User]
    Posts: 7,499 ✭✭✭ [Deleted User]


    What about using old cars for promotions?

    There's is a few old citron food vans around too.


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