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One for the UK members - 1971 GT purchase price

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One for the UK members - 1971 GT purchase price #1
Park61 Paul Arkley North Shields, Tyne and Wear, UK Sign in to contact 1971 MG MGB GT "MG" 1971 MG MGB GT	Topic Creator (OP) Apr 12, 2024 03:29 AM Joined 2 years ago 14 Posts

Hi I am thinking of making my GT a company car. I need to find out the car's purchase price in 1971 so that I can fill out the tax benefit form (P11D).

Has anyone done this? My accountant is dubious about this tax-saving trick and thinks that the HMRC (IRS - for our cousins ) will reject it .

Thanks

Paul Arkley

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Re: One for the UK members - 1971 GT purchase price #2
Not-Anumber Chris S Southend, South east UK, UK Sign in to contact 1979 MG MGB GT	Apr 12, 2024 03:40 AM Top Contributor Joined 10 years ago 439 Posts

If in doubt just claim a tax offset against the actual miles the car is used for business use. I found this far easier when i was self employed.

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Re: One for the UK members - 1971 GT purchase price #3
Rayhpgh Ray Halackna Pittsburgh, PA, USA Sign in to contact 1974 MG MGB 2010 Ford Mustang	Apr 12, 2024 06:49 AM Joined 6 years ago 77 Posts

Or have your company buy the car from you at today’s value. Then depreciate it as normal

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One for the UK members - 1971 GT purchase price

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