Motoring New Car?

Scouse

Giant Thundercunt
FH Subscriber
Joined
Dec 22, 2003
Messages
35,906
So, went to talk to an accountant today about self assessment tax return. He mentioned that for the first year only, new farming businesses can write off 100% of capital purchases against tax.

One. Hundred. Percent. :boggle:

Obviously, this includes stuff like machinery, farm equipment (like quad bikes) etc. etc. He said cars were not included but pickup trucks specifically were. (In case I need to move sheep or geece around, for example).


So. Basically. Does this mean that next year I should be shooting for one of these for free?


@Wij, @Bodhi?

:D



Edit: @Deebs - we may need a "farming scams" tag for threads going forward. ;)
 

Wij

I am a FH squatter
Joined
Dec 23, 2003
Messages
18,158
They are gonna be about £60,000 aren't they?

Might be a good idea but the V6 diesel Amarok can be remapped into quite a quick car for a lot less dosh.
 

Scouse

Giant Thundercunt
FH Subscriber
Joined
Dec 22, 2003
Messages
35,906
They are gonna be about £60,000 aren't they?

Might be a good idea but the V6 diesel Amarok can be remapped into quite a quick car for a lot less dosh.
1) Electric.
2) Potentially free? :)

I've no real idea how much they're going to be @Wij. Apparently the base model is going to be $39,000. The one with two engines, $49,000. But who knows what that means when they get to the UK. But they should be getting made at the gigafactory...

To be fair, there's a fuckton of other stuff I can spend my readies on if I'm potentially going to get a 100% tax write-off (like housing facilities and enough electric fencing for 200 Geece, a 10kv photovoltaic array, about a kilometer of new water piping, capital drainage works, new package sewerage treatment tank facilities. Basically, quite a lot of stuff).

But a pickup truck is definitely one of the things I'd be looking at.

And a tractor. Farm buildings. Etc.
 

Embattle

FH is my second home
Joined
Dec 22, 2003
Messages
13,159
They are utterly fucking hideous, like they were drawn by a 7 year old and secondly I suspect they will be £60k+. Personally I prefer the Rivian pickup if it has got to be a pickup, not that it is available yet in the UK.
 

DaGaffer

Down With That Sorta Thing
Joined
Dec 22, 2003
Messages
18,380
If you're going to go electric:

Better looking, more useful and actually in production, unlike the Cybertruck
 

Scouse

Giant Thundercunt
FH Subscriber
Joined
Dec 22, 2003
Messages
35,906

Scouse

Giant Thundercunt
FH Subscriber
Joined
Dec 22, 2003
Messages
35,906
If you're going to go electric:

Better looking, more useful and actually in production, unlike the Cybertruck
Aye. Looked at them. Not cheap tho!

It seems that we're a little too early. Especially in the UK. Can't get hold of owt...
 

DaGaffer

Down With That Sorta Thing
Joined
Dec 22, 2003
Messages
18,380
Aye. Looked at them. Not cheap tho!

It seems that we're a little too early. Especially in the UK. Can't get hold of owt...

Yeah, I think you're still year away from an electric pickup (Ford have one on the way as well). Plenty of commercial vans available though if its just wheels you want.
 

Scouse

Giant Thundercunt
FH Subscriber
Joined
Dec 22, 2003
Messages
35,906
Yeah, I think you're still year away from an electric pickup (Ford have one on the way as well). Plenty of commercial vans available though if its just wheels you want.
Nah. I don't even want wheels really, but if I could get an electric pickup and write 100% of the cost off against tax ...
 

Bodhi

Once agreed with Scouse and a LibDem at same time
Joined
Dec 22, 2003
Messages
9,253
Chances of either a) The Cybertruck being available over here before 2024 and b) it ever getting through EU Passenger safety legislation in its current form are both pretty much close to zero.

You'd also need to do a shedload of miles to offset all the additional emissions created when building it. Much more sensible to go for a Ranger / Amarok / Hilux etc.
 

Scouse

Giant Thundercunt
FH Subscriber
Joined
Dec 22, 2003
Messages
35,906
You'd also need to do a shedload of miles to offset all the additional emissions created when building it. Much more sensible to go for a Ranger / Amarok / Hilux etc.
Don't disagree with the availability piece but I'd like to see an evidence-based breakdown on the full-lifecycle emissions of a standard car vs an EV.

Say 50% of the emissions are locked in at construction of a normal car and an EV locks in 20% more (guess), the EV would still be a big win.

Everything I've seen regarding normal vs EVs show clear lifecycle emissions advantages of EVs. Anything I've read that says the opposite seems to have anti-vaxxer levels of logic in plain sight.
 

Bodhi

Once agreed with Scouse and a LibDem at same time
Joined
Dec 22, 2003
Messages
9,253
Plenty are available, just depends on which vested interest you want to listen to.
 

DaGaffer

Down With That Sorta Thing
Joined
Dec 22, 2003
Messages
18,380
Chances of either a) The Cybertruck being available over here before 2024 and b) it ever getting through EU Passenger safety legislation in its current form are both pretty much close to zero.

You'd also need to do a shedload of miles to offset all the additional emissions created when building it. Much more sensible to go for a Ranger / Amarok / Hilux etc.

Given he would only get 100% tax offset on an BEV, the merits of an ICE pickup are irrelevant aren't they?
 

Bodhi

Once agreed with Scouse and a LibDem at same time
Joined
Dec 22, 2003
Messages
9,253
Given he would only get 100% tax offset on an BEV, the merits of an ICE pickup are irrelevant aren't they?

You mean other than the fact he stands a chance of getting one before 2024?

Plus his original post says "Pickups" not just "Electric Pickups" - which makes sense given the above.
 

Raven

Happy Shopper Ray Mears
FH Subscriber
Joined
Dec 27, 2003
Messages
44,577
I would be very surprised if you could write off 100% of the value of the vehicle against tax, are you sure it's not the depreciation of the vehicle that is offset? If it is a work vehicle, then it will be owned by the company that it is registered to and treated as an asset.

Otherwise, it would be a cost, so off your profit, so lowering your tax (I have no idea what you plan on doing, farming wise)

One of the reasons why Amazon pay such little tax, a large amount of the money they make has been reinvested over the years and as sensible people know, tax is on profit, not turnover.
 
Last edited:

dysfunction

FH is my second home
Joined
Dec 22, 2003
Messages
9,709
I would be very surprised if you could write off 100% of the value of the vehicle against tax, are you sure it's not the depreciation of the vehicle that is offset? If it is a work vehicle, then it will be owned by the company that it is registered to and treated as an asset.

Otherwise, it would be a cost, so off your profit, so lowering your tax (I have no idea what you plan on doing, farming wise)

One of the reasons why Amazon pay such little tax, a large amount of the money they make has been reinvested over the years and as sensible people know, tax is on profit, not turnover.

Being a "farm" gives you a lot more capital write offs than a regular enterprise
 

Tom

I am a FH squatter
Joined
Dec 22, 2003
Messages
17,154
On this subject, looks like Rivian's IPO will be next week. Rumours of about 50-60 USD per share.
 

Scouse

Giant Thundercunt
FH Subscriber
Joined
Dec 22, 2003
Messages
35,906
Being a "farm" gives you a lot more capital write offs than a regular enterprise
This

I was fully expecting to have to form a Ltd company. But A) apparently not necessary and B) for new farming enterprises it's a 100% write-off against personal tax in the first year of operation (18% in subsequent years).

Farming revenue will just be counted as another page on my SATR.
 

Gwadien

Uneducated Northern Cretin
Joined
Jul 15, 2006
Messages
19,842
This

I was fully expecting to have to form a Ltd company. But A) apparently not necessary and B) for new farming enterprises it's a 100% write-off against personal tax in the first year of operation (18% in subsequent years).

Farming revenue will just be counted as another page on my SATR.

I think that means we should all be able to have a go in your truck.

and your mum.

:O
 

Users who are viewing this thread

Top Bottom