Chartering and Coding

[tcm]

Re: You only live once

I caluclate the leopard depreciates at 1p per second. Come the revolution, of course, i'll be up against the wall earlyish, but I will have some good memories...

 

[Deleted User YDKXO]

Re: VAT - ExVAT

Now you're getting the idea! Not sure you could set off the tax loss against earned income but, if you owned another profitable company, a tax loss could come in handy. Dont know about what % capital allowance you could get, though.
Where's a bean counter when you need him?

 

[MRC]

Re: You only live once

Now that is EXACTLY how to calculate things.....

So net there is no cost involved in owning a large boat, just an pick up, as the memories more than offset the monetary cost then owing it. What could possibly go wrong ..

Nice

 

[EME]

Re: You only live once

...and for those ofyou who have it now.

you will be better off going to the boat show tomorrow and buying a new boat and blasting it for the next year than if youleave your money invested/deposited and it disappears as it has in the last 12 monhs.

Therefore Save money and But the Boat NOW

...I wanna boat please..

 

[simongoldthorpe]

Wow - thanks everybody for all your responses.

I have had an interesting day talking to the accountant and doing some research.

The story so far........

The boat I am looking at is a Rodman 12.50 and I intend to keep her on my current mooring in Poole harbour. Price quoted to include MCA coding is £210000 inc VAT.

Have spoken to some business contacts simply saying if I shelled out for this thing would they promise me some charter days next summer. So far promises of 6 days @ £1000 plus VAT per day, hence some genuine income as far as the Inland Revenue are concerned.

Accountant says OK if this sort of income can be shown and that you charge yourself for use (or benefit in kind). All vat recoverable on purchase (circa £37000) and all mooring, servicing etc is offset against profit, essentially any bone fide expenditure. Getting all the vat back on fuel is also attractive.

So far so good, I may even buy a fleet of 'em and change my name to something Greek and interesting.

Many thanks to all for responding, keep 'em coming.


Simon