Hi
I’m considering purchasing a new vw kombi van (t32, gross weight over a tonne) through my ltd co business and reclaiming the vat (i’m flat rate). This would be used for work, I’m self employed, travelling to various places of work etc.
Also at some point I may want to convert this into a camper so I can save on hotels, and also as I sometimes need to be in remote locations due to the nature of my job (landscape photographer) for early starts where there are no hotels nearby.
Anyhow, my question is can I do the above or will I be hit by BIK tax to such an extent where it isn’t worth doing? I have use of my wife’s car for private usage, going to the shops/holidays etc. My accountant is away at the mo so will ask him when he returns but wanted to start researching now.
Varying opinions around the web and my accountant is looking into it, but good to hear of any first hand experiences if anyone has done something similar.
Thanks!