New Camaro as a company car

[AdeTuono]

This may get a better response in business, but I'll try here first;

I'm curently running an F350 duallie as a company truck. It attracts a taxable benefit as a commercial vehicle (ie £3000/annum). If I were to change to a Camaro, anyone got any idea how much it'd cost? I'm assuming it wouldn't be as straightforward as if I'd chosen a n Audi/BMW/stebox, purely because road tax for yanks is generally only £190-ish, ie less than half what it 'should' be. Would the taxable benefit also be based on a 'one-off' rate?

Maybe there's a dealer reading this who has an answer? If so, I'm ready to purchase! (2SS only)

[zubair]

hi speak to charles from 51st auto he will have the answer and also supply you the camoro.

[KevF]

When I ran my Saleen Mussie as a company car (instead of the F150 Harley) it cost me about £13k in personal tax so it only lasted 18 months then I traded it back in for a F150 Harley/Saleen truck as a company vehicle.

I am now thinking of selling the truck and instead purchasing another Mussie but having it as a personal car. I will put any finance payments direct from the company but list it as an extra dividend/ car allowance. Then I can claim for petrol as and when.

I am not sure I will be better off but I get back behind the wheel of a Stang again.....

I am sure asking Eric on the business forum will give you all the other answers you need.

Kev

[AdeTuono]

£13,000!!! Probably a good case for buying it myself and charging mileage at that rate then. Was hoping that they might have fallen through the cracks as they seem to have for road tax.

Whatever; I've e-mailed 51st, and will see where we stand.

[VXRPhantom]

You will have huge tax liabilty on the Camaro as a 'Company Car' as it will be available for personal use, even if you only use it for business mileage.

I have a 2010 Camaro coming next week and have bought it personally and will charge my ltd company mileage rates...I have done this for the past 2 years on my Monaro and VXR8.

Picador PLC in Sholing, Southampton have new Camaros at a good price circa £35000 (2SS RS V8) speak to Paul Kirby and mention me if you like (Phil Deacon)

[AdeTuono]

VXRPhantom said:

You will have huge tax liabilty on the Camaro as a 'Company Car' as it will be available for personal use, even if you only use it for business mileage.

I have a 2010 Camaro coming next week and have bought it personally and will charge my ltd company mileage rates...I have done this for the past 2 years on my Monaro and VXR8.

Picador PLC in Sholing, Southampton have new Camaros at a good price circa £35000 (2SS RS V8) speak to Paul Kirby and mention me if you like (Phil Deacon)

Thanks for that, Phil. Looks like a way forward.
What rates do you use? I assume £0.40/mile for the first **** miles, then a reduced amount, or is an arbitary number you can choose yourself (within reason)? Probably a question for my accountant.

I'll give Picador a call. They're not too far from me. Nothing on their website; I remember from when I had a Maloo that they deal in HSVs, but kept quiet about them as well.

BTW, which Camaro did you choose? Have you had a chance of a drive? I'd be interested to see how it stacks up against my Roush Mustang (not that I'm likely to change my mind; I've been waiting for the Camaro for years now).

[KevF]

VXRPhantom said:

You will have huge tax liabilty on the Camaro as a 'Company Car' as it will be available for personal use, even if you only use it for business mileage.

I have a 2010 Camaro coming next week and have bought it personally and will charge my ltd company mileage rates...I have done this for the past 2 years on my Monaro and VXR8.

Phil,

When charging your business, how/what records do you keep, starting mileage/ finish mileage and 'reason'? or another system.
I know what I am like, it will all be ok for the first few months then it'll go Pete Tong and I'll have to play catch up and try and remember where I went.. ...

[VXRPhantom]

AdeTuono said:

VXRPhantom said:

You will have huge tax liabilty on the Camaro as a 'Company Car' as it will be available for personal use, even if you only use it for business mileage.

I have a 2010 Camaro coming next week and have bought it personally and will charge my ltd company mileage rates...I have done this for the past 2 years on my Monaro and VXR8.

Picador PLC in Sholing, Southampton have new Camaros at a good price circa £35000 (2SS RS V8) speak to Paul Kirby and mention me if you like (Phil Deacon)

Thanks for that, Phil. Looks like a way forward.
What rates do you use? I assume £0.40/mile for the first **** miles, then a reduced amount, or is an arbitary number you can choose yourself (within reason)? Probably a question for my accountant.

I'll give Picador a call. They're not too far from me. Nothing on their website; I remember from when I had a Maloo that they deal in HSVs, but kept quiet about them as well.

BTW, which Camaro did you choose? Have you had a chance of a drive? I'd be interested to see how it stacks up against my Roush Mustang (not that I'm likely to change my mind; I've been waiting for the Camaro for years now).

It is 40p per mile for the first 10000 and then 25p for any additional (uncapped) so 20'000 miles a year gives you £6500 tax break. In addition yau can also claim further VAT on the fuel purchases(if VAT Reg) even if claiming mileage for expenses.

I have chosen White 2SS RS with Cyber Gray Metallic Stripes saw her today .....WoW!....

[VXRPhantom]

KevF said:

VXRPhantom said:

You will have huge tax liabilty on the Camaro as a 'Company Car' as it will be available for personal use, even if you only use it for business mileage.

I have a 2010 Camaro coming next week and have bought it personally and will charge my ltd company mileage rates...I have done this for the past 2 years on my Monaro and VXR8.

Phil,

When charging your business, how/what records do you keep, starting mileage/ finish mileage and 'reason'? or another system.
I know what I am like, it will all be ok for the first few months then it'll go Pete Tong and I'll have to play catch up and try and remember where I went.. ...

Kev, All you will need is a log like you stated but you are right it is easy to find yourself playing 'catch up'.

Then write yourself a nice cheque each month/week for the appropriate amount...