 | Home > Puma (Tdci) > 110 Utility finance/tax implications for self employed. |
 
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) Not sure what the monthly payments will work out at - have to visit the land rover stealer.
| 22900013A Member Since: 23 Dec 2010 Location: Oxfordshire Posts: 3149   
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They are very comfy, I've done trips to Eastern Germany in mine, no problems.
I can't help with the other stuff but be wary of Landrover finance - its actually FGA Capital, and if for any reason you should fall behind on payments they will treat you like a criminal and are NOT open to any kind of negotiation, even though it says they are on the paperwork. Expect threatening letters and phone calls within a day or two of being late. Just a thing to be aware of when self-employed. |
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17th Feb 2012 8:49am |
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| nidge n Member Since: 04 Feb 2012 Location: Cheshire Posts: 719 
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Napoleon, I would be interested to learn of your outcome. I have just ordered a 110 XS SW. The garage insist that its compliant for VAT recovery but i wonder if anyone else has experience with this. That said, my neighbour reclaimed the VAT on his 90 XS. I was also surprised that the SW benefited from lower road tax.
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17th Feb 2012 8:57am |
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| JJ Member Since: 18 May 2009 Location: Winchester Posts: 932 
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Your assumptions are correct with the vat re-claiming , you pay up front and claim back , the same would apply if second hand but only if the seller of the vehicle charges you vat which they have to do if vat registered.
If cash flow is an issue plan it to coincide with a vat quarter or ask to go monthly with vat returns ( pros and cons to this ) . There are other implications with a capital purchase ( write downs are one , 1 , 3 or 5 years etc ) but you need to speak to your accountant for your own personal circumstances. |
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17th Feb 2012 10:13am |
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| mrandmrsh Member Since: 31 May 2010 Location: Huddersfield Posts: 692 
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I pick mine up tomorrow 
That's what I have been told. In fact the taxable benefit is £3000 so it depends what rate of income tax you pay. If your accountant needs to be sacked then you will be paying 40% so your tax burden will be 40% x £3000 = £1200, if you are paying 20% then you will pay £600 per year. If you also want to put the fuel through the business you will pay the benefit on that too (taxable benefit £550 per year). This will only be of benefit if you do precious few business miles and lots of private miles - speak to your accountant..... This may help Van and fuel charge Van Fuel Total Tax (20% taxpayer) £600 £110 £710 Tax (40% taxpayer) £1,200 £220 £1,420 Tax (50% taxpayer) £1,500 £275 £1,775 Employer's class 1A NICs £414 £75.90 £489.90
Yep
Sorry, can't help.
From 30 March 2009 the 110 utility became N1 (a van). The rear side windows were replaced with metal panels and the seventh character of the VIN plate is 'Y'. If this is not the case it is NOT an N1 classification and so is a car. So, assuming you buy something that is 2nd hand and is classified as a van (just look and see what rate of road tax is on the vehicle, if it is 400-odd quid it is a car, if it is 200-odd it is a van!) the next question is is the vehicle VAT qualifying? If a VAT registered company buys it and sells it on a VAT invoice the VAT can be reclaimed. If a private bod has owned it then no VAT element will be reclaimable.
Surely if you go from a 300 Tdi to a Puma you will think you have gone deaf?? Regards C |
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17th Feb 2012 10:27am |
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| Napoleon Member Since: 27 Jan 2011 Location: Fringe Dartmoor Posts: 8  
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Cheers guys, solid advice, well received.
Land Rover have offerred me a complimentary 1/2 day at their off road experience to help sell it to SWMBO  !!!
Apparently not all LR finance deals are operating as per the web site and it is "up to the individual dealer" Napoleon "What could possibly go wrong?" |
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17th Feb 2012 1:20pm |
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| Knot Yet Member Since: 01 Mar 2010 Location: West Sussex Posts: 197 
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Would shop around a bit - we got just over 4k for a very seriously cream crackered 300 TDI 110 in part ex for a new 2.2 Puma Utility 110 There are deals to be had and don't forget you can get an extra 5% discount if an NFU full member (you need to be with them 3 months but some local offices are a bit more flexible) £200 to join. Just keep the NFU discount under your hat until they give you the best deal to be had 
We shopped around between local dealers - even under the same dealer umbrella - and got some surprising results Good luck and enjoy Defender 110 Puma Utility XS |
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17th Feb 2012 6:11pm |
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| pom Member Since: 01 Jun 2010 Location: Worcester Posts: 1343 |
you shouldnt be paying any PAYE and certainly no NI.
Sack your accountant if you are. Pom |
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17th Feb 2012 6:46pm |
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