Tax Benefit Vs Classification (1 Viewer)

[Coleen]

we have a vw transporter (we have just finished converting) through our own business , as its a commercial vehicle we can claim back expenses,vat, etc and comes off the tax at the end of the year. Would we be better off keeping it as a panel van or changing to a motor caravan? would we then have to claim it as benefit in kind? which would be more beneficial? If we keep it as a panel van, would we still need to inform the insurers as it is obviously worth more now with the kitchen etc if its stolen or damaged. grateful for any advise, thank you

 

[Wildman]

it is whatever you actually use it as, never mind which is the best tax evasion.

 

[funflair]

I would say that you need to tell the insurers what it is otherwise you won't be insured anyway.

As far as running a campervan on your business that may well depend on your business needs regarding transport and accomadation while away on business, if you have some private use this should be declared as a benefit in kind.

Martin

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[DanielFord]

I think you'll find it is tax avoidance, not evasion. The difference being one is totally legal, and the other is totally illegal.
You can find tools online at HMRC where you can fill in a P11D (benefits in kind) or calculate the cost as a business vehicle. I'm sure if you run a few scenarios, you'll find the best arrangement.
Or perhaps the best answer, ask your accountant?