Reply
 
Thread Tools Search this Thread
 
Old 14 October 2014, 18:08   #21
RIBnet admin team
 
Poly's Avatar
 
Country: UK - Scotland
Boat name: imposter
Make: FunYak
Length: 3m +
Engine: 2 stroke YAM 20 HP
MMSI: 235089819
Join Date: Sep 2005
Posts: 10,114
I'm no boating vat expert but, you should only be able to reclaim input vat on purchases which will lead to vatable output supplies. As a result my understanding is input vat could only be claimed on a boat if the boat was being used commercially (and coded accordingly).
__________________
Poly is offline   Reply With Quote
Old 14 October 2014, 18:17   #22
Member
 
Country: UK - England
Town: Royal Wootton Bassett
Length: 8m +
Engine: 250
Join Date: Jul 2008
Posts: 8,020
Quote:
Originally Posted by Poly View Post
I'm no boating vat expert but, you should only be able to reclaim input vat on purchases which will lead to vatable output supplies. As a result my understanding is input vat could only be claimed on a boat if the boat was being used commercially (and coded accordingly).
Good point Poly. Also the depreciation of a boat over the first few years is more than the value of the VAT.

Plus when you sell it you will have to charge VAT on the secondhand sale price?
__________________

__________________
whisper is offline   Reply With Quote
Old 14 October 2014, 18:39   #23
Member
 
Barrowboy's Avatar
 
Country: Ireland
Town: Galway
Boat name: Top Banana
Make: Scorpion 9m
Length: 9m +
Engine: Yamaha 421STI
MMSI: Yeah right!
Join Date: Jul 2013
Posts: 1,161
RIBase
Quote:
Originally Posted by Poly View Post
I'm no boating vat expert but, you should only be able to reclaim input vat on purchases which will lead to vatable output supplies. As a result my understanding is input vat could only be claimed on a boat if the boat was being used commercially (and coded accordingly).

....or the company can buy the rib, claim the entire VAT amount back under the Capital allowance for plant and machinery (assuming it costs more than 3k) and make it available for use by employees, excluding any form of hire or reward (commercial use).

HMRC states the following:

'To qualify for plant and machinery allowances, all the following must apply:

you must have incurred capital expenditure on the provision of plant and machinery that is used wholly or partly for the purposes of your business.

You must own the asset in question as a result of incurring that expenditure

the asset must not be something you buy and sell by way of your trade, although you might eventually sell it for some other reason - you may then have to make an adjustment to your capital allowances.

The asset must also not get used up in producing what you sell or supply by way of your trade

the asset must generally be expected to last for more than two years'

ps: I'm not an accountant.
__________________
Barrowboy is offline   Reply With Quote
Old 15 October 2014, 03:38   #24
Member
 
Country: UK - England
Town: poole
Make: lomac
Length: 4m +
Engine: petrol
Join Date: Sep 2014
Posts: 20
Quote:
Originally Posted by Poly View Post
I'm no boating vat expert but, you should only be able to reclaim input vat on purchases which will lead to vatable output supplies. As a result my understanding is input vat could only be claimed on a boat if the boat was being used commercially (and coded accordingly).
Hi yes your correct but we do have a contract with the National Trust on Brownsea Island in Poole Harbour that we need to be able to access by boat if required thus we are legitamely able to do this

Cheers

Andy
__________________
andyces is offline   Reply With Quote
Old 15 October 2014, 03:39   #25
Member
 
Country: UK - England
Town: poole
Make: lomac
Length: 4m +
Engine: petrol
Join Date: Sep 2014
Posts: 20
Quote:
Originally Posted by Barrowboy View Post
....or the company can buy the rib, claim the entire VAT amount back under the Capital allowance for plant and machinery (assuming it costs more than 3k) and make it available for use by employees, excluding any form of hire or reward (commercial use).

HMRC states the following:

'To qualify for plant and machinery allowances, all the following must apply:

you must have incurred capital expenditure on the provision of plant and machinery that is used wholly or partly for the purposes of your business.

You must own the asset in question as a result of incurring that expenditure

the asset must not be something you buy and sell by way of your trade, although you might eventually sell it for some other reason - you may then have to make an adjustment to your capital allowances.

The asset must also not get used up in producing what you sell or supply by way of your trade

the asset must generally be expected to last for more than two years'

ps: I'm not an accountant.
No accountant but your exactly right !
__________________
andyces is offline   Reply With Quote
Old 15 October 2014, 04:02   #26
RIBnet admin team
 
Poly's Avatar
 
Country: UK - Scotland
Boat name: imposter
Make: FunYak
Length: 3m +
Engine: 2 stroke YAM 20 HP
MMSI: 235089819
Join Date: Sep 2005
Posts: 10,114
Quote:
Originally Posted by andyces View Post
No accountant but your exactly right !
Possibly, although I'm sceptical that without the information you've added about your Nat trust contract that it ticks the 'used in the line of business' part.

Does it become a benefit in kind if used personally too?

Have you had a vat inspection, they are pretty thorough. I'd want it in writing from my accountant so that if an inspector disagrees you can show you were acting on advice. If they think YOU are taking the p they will dig deeper and deeper.





Quote:
Originally Posted by andyces View Post
Hi yes your correct but we do have a contract with the National Trust on Brownsea Island in Poole Harbour that we need to be able to access by boat if required thus we are legitamely able to do this

Cheers

Andy
Presumably you've looked into the coding requirements for using your boat for this?
__________________
Poly is offline   Reply With Quote
Old 15 October 2014, 16:14   #27
Member
 
cjj216's Avatar
 
Country: UK - England
Town: Lancashire
Make: Humber
Length: 5m +
Engine: Suzuki 140
Join Date: May 2008
Posts: 123
Whispers advice is sound.
Just something to consider. Most have advised on jockey seats.
I've had 4 ribs. My Avon adventure decision was influenced by my wife who wanted something more leisure based - Bench seats etc,
Turned out to be what she wanted and not what we needed.
As soon as it chopped up and you exceeded 15 knots, the bench seat became an uncomfortable and sometimes dangerous place to be. The occupants choosing to stand and hold on to the back of the 2 jockeys.
Even my wife couldn't wait to get rid. Her only request on next boat....."make sure it has 4 jockey seats"!
Most people sit on tubes or side on the jockeys when fishing.
__________________
cjj216 is offline   Reply With Quote
Old 15 October 2014, 16:59   #28
Member
 
bingosucks's Avatar
 
Country: UK - England
Town: Nuneaton
Boat name: gnasher
Make: sr5.4
Length: 5m +
Engine: hidea 5 yam 90
Join Date: Oct 2011
Posts: 547
a mate has an xs500 and i`m very impressed by it! 4 jockey seats not sure its big enough for a bench seat though ?
i know ribx have a demonstrator for sale but clueless on performance ..looks nice mind and they are a british company
safety wise i sandwich my 4 year old daughter on a jockey seat and it tends to work well for us with the mrs strapped on a fishing box as a suicide seat
__________________
bingosucks is offline   Reply With Quote
Old 15 October 2014, 18:32   #29
Member
 
Country: UK - England
Town: Plymouth
Length: 6m +
Join Date: Mar 2011
Posts: 2,693
I'd suggest you go look at each model 3 or 5 years old. See how they've aged. It might just help you decide, based on re-sale value when your ready to upgrade.
__________________
Boats&Outboards is offline   Reply With Quote
Old 16 October 2014, 04:26   #30
Member
 
Country: UK - England
Town: poole
Make: lomac
Length: 4m +
Engine: petrol
Join Date: Sep 2014
Posts: 20
Quote:
Originally Posted by bingosucks View Post
a mate has an xs500 and i`m very impressed by it! 4 jockey seats not sure its big enough for a bench seat though ?
i know ribx have a demonstrator for sale but clueless on performance ..looks nice mind and they are a british company
safety wise i sandwich my 4 year old daughter on a jockey seat and it tends to work well for us with the mrs strapped on a fishing box as a suicide seat
Yeah sounds like a plan maybe not strap the Mrs on the suicide seat haha!
Coming round to the thought of jockey seats I see ribeye manage to squezze a bench seat behind the jockey seats for passengers
__________________

__________________
andyces is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off





Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -5. The time now is 18:55.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.