on speaking to my accountant and telling him i was buying a cc,he said how u paying for it,i said just writing a cheque out,dont be so daft he say,borrow the money,better for tax reasons,so i borrowed 15k to buy car and have 15k in the bank so if my business goes under then the car is safe
Pete do you use a one man band outfit or a local firm with more than one office?
This is common 'client mentality', to spend more to lower taxes, but i have heard of some smaller accountants round here advising to do things like this. You might have some specific financial circumstances which make this a better deal but this will not be good fopr most people. By the time you declare private useage on the interest payments, even if you are being taked at 40% you are unlikely to save more in tax than the interest you pay less any interest you earn!
Pete- you've got to take the money out of the business sooner or later .. I had loads of money in the business but its better really to have your money in your back pocket and just resigning yourself to paying the 40% + corporation tax etc. After all -- by not paying it now -- you'll just have to pay it when you DO take the money. (Unless you can think of 15K's worth of company assets you want .. but then you are back to getting the stuff taken from you when/if you go bust).
you're right in not having it as company car but you may as well transfer your business 15K into personal money and pay off the loan .. on your business loan my guess is you're getting <2% interest. On your loan what are you paying? 8%? So thats 6% a year you're giving away in not taking the money as a personal dividend.
At the moment if your business has a visit from the administrators the very first thing he will do is take your 15K cash direct anyway.
I borrowed 8k for mine over 3 years, £270 a month, got 2 years to go.
Went out in my mates Golf GTI 150 this weekend, he's d just had it chipped up to 210-215bhp.
Chip cost £500 quid and he has a little gadget he plugs into the dash which allows him to swtich between "standard" and "go like f**k".
He knows the engine block will suffer over the years and it probably wont last as long as it should but he dont care One thing I must say it is very fast, a bit of a wolf in sheeps clothing.
Pauline,im not even going to try and blow my own trumpet,sounds painfull
DEBS!!!!!!come hereeeeeeeeeee
1.6 Agean with pearled alloys,spats,alloy hoops,ecosse vents,windstop,phone kit,cd changer and K&N filter.(thanx to Derek,Lyndon,Hert62)
www.wheelrepairit.com
2003 KARTING CHAMP(now the proud owner of a NHS wheelchair)
I had saved, yes saved around 6k and thought I could put a deposit and pay it off over the next 3 years however I got mine as a 25th Birthday gift 3 months earlier than when I had planned to buy it. and My dealer had thrown in Alloys and athe Sport pack for under 15k so I just payed it all off within 1 year as I have little outgoings apart from my other half emptying my wallet occasionally. I can start modding my car now
We're gonna get our trophies back [url=http://www.peugeot206cc.co.uk/newowners?id=302]Owner 302[/url]
Pauline,im not even going to try and blow my own trumpet,sounds painfull. DEBS!!!!!!come hereeeeeeeeeee
You know, all that stops once you get married and you really honestly do have to blow your own trumpet, as I regularly remind Steve How long now Pete? NO NOT THAT how long to ya wedding m8?
I'll blow my own trumpet if you can blow yours 
Nice bike Pauline! Maybe I wudn't be scared on that - and orange is funky - reminds me of Tigger!! 
How long now Pete? NO NOT THAT