Advice on buying/leasing through my company

[ac92413]

Hi guys

Grateful for some advice please.

Looking to get hold of an ex-demo GS off Vines.

As I'm an IT contractor, and will mostly be using the bike to get between the 5 sites I have to cover, I'm trying to work out the pros/cons and options of buying the bike through my company.

Unfortunately, even though BMW advertise this option on their website, Vines have no knowledge of it.

Can anyone, who have already been down this route, advise me?

Many thanks

Andy C

 

[Yoda]

Andy, I have my 12GS through my company (also freelance IT stuff). Drop me a PM with any specific questions.

 

[LiquidLAN]

I was going to say this was a subject that had already been covered and direct you to the posting... but it looks like you've actually posted there already...

http://www.ukgser.com/forums/showthread.php?t=94535&highlight=company

You'd be better going for new rather than old esp if you want to claim the VAT back which by the looks of it you would be justified in doing...

 

[Paul Wakefield]

You'd be better going for new rather than old esp if you want to claim the VAT back

You would almost certainly be OK going with an ex demo; check with Vines. Broadly as long as the bike has never been sold or only sold to VAT registered businesses/people, the VAT will be recoverable on purchase.

Paul

 

[Commuter]

Hi guys

Looking to get hold of an ex-demo GS off Vines.


Andy C

Bike is a beauty, max revs in every gear to 4th was impressive, she really pulls and the limiter works. The guys in the dealership where impressed with my donuts and wheelies in the car park

Enjoy!

 

[ac92413]

Thanks for the replies guys.

I think I'll be OK with a demo as there will still be an appropriate VAT on it .. although it seems as though I'll have to charge VAT on it when I sell it too!

Just wondered if anyone had gone down the leasing route ... what happens to the bike at the end of the leasing period?

Andy

 

[LiquidLAN]

Thanks for the replies guys.

I think I'll be OK with a demo as there will still be an appropriate VAT on it .. although it seems as though I'll have to charge VAT on it when I sell it too!

Just wondered if anyone had gone down the leasing route ... what happens to the bike at the end of the leasing period?

Andy

of course you will that’s the way VAT works... you charge VAT on the consultancy you sell don't you???

be aware if you do any significant private mileage and you go down the VAT route you will also need to declare the personal verse business use as you can only reclaim VAT on the business portion.

One or two here have avoided this, but they have alternative transport they use for non-business.

Remember the VAT man is the one person you need to remain squeaky clean with.

 

[Yoda]

Just wondered if anyone had gone down the leasing route ... what happens to the bike at the end of the leasing period?

If it's pure Contract Hire then, basically speaking , you hand it back and walk away.

When I last ran a car through the company (in pre'02 when it was worthwhile to do so) at the end of the CH lease I personally (rather than my company) were able to buy it at a preferential rate.

I think the terms of the BMW Finance CH lease are that it has to be sold to a third party. Again, those nice people at the dealer (Clarks) have put the price they'll buy it for in writing.

There are other types of finance deals around - balloon lease, personal contract purchase etc.

As Liquid says, rule 1 = Don't feck with the VAT man. Rule 2 = see rule 1.