Vintage or Classic cars are hard to afford. Even harder to maintain. Especially if an engine or any other part is damaged, Its really hard to find its replacement. It gets very expensive, even if you’ve found a solution. We’ll help you figure out ways to get your accounts sorted. Accountants for classic cars know how to deal with any similar situation. Your vehicle and equipment finances are worked on like a pro.
We help you save up for the bad times. Other various approaches to fund, invest in the maintenance of your classic cars including lease, asset home loan, and business recruitment purchases. Every one of these approaches has a distinctive assessment, bookkeeping, GST, and tax implications.
Buying an expensive car means you’ll have to take care of your taxes. Our accountants for classic cars already worked with different car clubs quite familiar with car clubs accounting. Something that makes classic cars more important and expensive is the fact that these cars are valuable during their period of ownership. It’s an investment opportunity for the buyer but it does come with a lot of tax implications.
For tax purposes an advantage in kind is evaluated on rundown cost increased by a predetermined rate dependent on engine size for older vehicles, be that as it may on the off chance that it is older than 15 years and market value is greater than £15,000 then market value is used instead.
Accountants for car clubs take care of all these implications so you simply enjoy your ride.