Is an MG5ev right for me.

[JCFlippen]

But that means you cant claim the 45p mileage allowance though and are stuck with ‘actual’ costs for length of vehicle , which won’t be much, and any personal use has to be apportioned for in the capital allowance. This is a calculation that needs to be considered carefully depending on how many miles you do. eg. 10,000 miles a year would give you £4,500 off your tax due on the mileage rate each year.

I was advised to buy privately and charge the 45p per mile HMRC allowance. Simplest way.

 

[weedavemac]

But that means you cant claim the 45p mileage allowance though and are stuck with ‘actual’ costs for length of vehicle , which won’t be much, and any personal use has to be apportioned for in the capital allowance. This is a calculation that needs to be considered carefully depending on how many miles you do. eg. 10,000 miles a year would give you £4,500 off your tax due on the mileage rate each year.

You can still include all costs for running the vehicle.... Insurance, maintenance, fuel etc. If it is kitted out with no back seats and full of great there probably won't be much personal use if any. As you say, as lot can depend on mileage and other personal factors.

 

[gazter]

I was advised to buy privately and charge the 45p per mile HMRC allowance. Simplest way.

I think in most circumstances the best. The full capital allowance is tempting though. Pretty much no income tax for a year.

 

[smokie]

Yeah I took advice when I was a one man company (albeit with no real need for a vehicle) and it was always do not buy a car through the company. I think to do with maybe having to prove at some point that I never used it for private use.

 

[Mg5van]

I think a meeting with my accountant is the way to go.
I hate paperwork and so does the accountant after my visits.

Does anyone remember Bernard in the comedy black books?

 

[AdamMGEV]

I never would buy through my company but with EV cars it was 0%... I think now its 1% BIK, so I sold my personal car and invested that in crypto currency, then bought the MG5 with my company as I now WFH so don't have the mileage. I didn't get VAT off because I also use it as my personal car, but I managed to unlock money from my personal car and buy a brand new one via my company which is basically tax free and doesn't affect my personal funds. Insurance, roof bars, charging etc all company expense.

 

[billyboy]

if you park on the customers drive you could always plug in the granny charger to give you a few more miles

 

[EVsince2016]

James of Cleevely EV does 2000 miles with the MG5 in awful condition with no range issues

 

[Mg5van]

Unforseen circumstances can change things in a flash.
My van has got a hell of a rattle and in limp mode. Could be terminal.

I do a lot of work for a well known dealer that I shall not name and know the owner well family friend through my grandad.
Within the last week both have died.
I'm now in a strange situation were my grandads house could be offered if my dad and I buy the over 2/3rd's. But that means throwing almost every penny I own at it and my dad selling his house.
My uncles and dad don't want to sell it as my grandad built it and they were born and raised there.

I would be mad to pass on the offer as the house is worth substantially more than my dad's and way out of my price range if I was to do it alone.

I would probably have to sell my classic motorcycles to afford the car.
That will then create another issue as they are my happy place and stop me from getting depressed.