Murdoch the secret accountant!! i know it sounds silly, but can you give yourself a loan and charge yourself extortionate interest, or is loan interest not deductable??
john..
Creative borrowing on the mortgage ...
Murdoch the secret accountant!! i know it sounds silly, but can you give yourself a loan and charge yourself extortionate interest, or is loan interest not deductable??
john..
If you are buying second-hand I tend to think company vans from any business with multi-driver usage, or anything ex-rental fleet is a far more hazardous purchase than a privately owned vehicle. Company / rental vehicles may have a full service record but they are often the ones flying past you, right up your rear-end on the motorway, or cutting you up when traffic filters to a single lane. The accelerator only has three settings, Off / Launch from traffic lights / Full speed. Generally less well cared for when you just drop it back and pass the keys on the next driver.
Doc H.
yep, but not at silly interest - it would become taxable income for yourself I think. When we bought vans a few years ago, it was on a loan by the missus, so the buisness basically services the loan but uses the van,. No different to leasing from a garage. Don't register vans to the business as, this becomes a capitol asset.Murdoch the secret accountant!! i know it sounds silly, but can you give yourself a loan and charge yourself extortionate interest, or is loan interest not deductable??
john..
Rag the works van, me? Never!
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