Hi all,
I'm after a bit of advice & general experience from those who have built technical demonstrator/show car/development car (whatever the taxman likes to call them).
Nearly all online advice is about general company cars, not Research & Development cars. I'm struggling to find how this "asset" is classed and most importantly taxed?
Costs for the whole vehicle will be under 10K and offset against profits from other contracts I do for OEMs. I will be subcontracting parts of the build, but most work will be done in my personal workshop/garage, I'm guessing there are some costs & tools I can offset too?
Any other general advice/rules/input to follow would be welcome, I will be talking to the accountant about it in the new year but didn't want to go chat to them before doing some homework.
Cheers
Ben
I'm after a bit of advice & general experience from those who have built technical demonstrator/show car/development car (whatever the taxman likes to call them).
Nearly all online advice is about general company cars, not Research & Development cars. I'm struggling to find how this "asset" is classed and most importantly taxed?
Costs for the whole vehicle will be under 10K and offset against profits from other contracts I do for OEMs. I will be subcontracting parts of the build, but most work will be done in my personal workshop/garage, I'm guessing there are some costs & tools I can offset too?
Any other general advice/rules/input to follow would be welcome, I will be talking to the accountant about it in the new year but didn't want to go chat to them before doing some homework.
Cheers
Ben