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Author Topic: Claim for your bike against your tax bill  (Read 837 times)

vtwin

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Claim for your bike against your tax bill
« on: January 03, 2010, 10:38:16 PM »

I don't know if this has been covered already. I did search but couldn't find anything so sorry if it has.

Motorcycles have been re-classified as plant machinery by the government which means they don't fall under the same tax rules as cars. There is not a great deal of info out there and my accountant didn't even know anything about it but i've done a bit of delving and if you qualify you could save upto 40% on your bike (depending on what tax bracket you're in)
You have to be self employed and prove that you use the bike for work. It is a bit of a grey area as i don't think they want too many people to exploit it. Not sure if it will bring any unwanted attention from the inland revinue either but it might be worth a look.

If anyone knows more, share the wealth!
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pat

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Re: Claim for your bike against your tax bill
« Reply #1 on: January 04, 2010, 12:29:21 AM »

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vtwin

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Re: Claim for your bike against your tax bill
« Reply #2 on: January 04, 2010, 07:37:54 AM »

Seems like a lot of effort for not that much gain. Would like to hear if anyone has managed it though.
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David154

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Re: Claim for your bike against your tax bill
« Reply #3 on: January 04, 2010, 11:29:39 AM »

Yes heard of this before ...as I'm self employed thought it sounded too good to miss, but to be able to prove that your bike is of use to your business could be quite tricky. :icon_scratch:
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