Reply
 
Thread Tools Search this Thread
 
Old 04 November 2024, 11:59   #1
Member
 
Croolis's Avatar
 
Country: UK - England
Town: Notts
Boat name: Terra Nova
Make: Boatworld
Length: 3m +
Engine: 4stroke 9.9 Mercury
Join Date: Apr 2023
Posts: 277
Owning a boat as a company and using it for fun

This is completely hypothetical. I am not a company owner and I'm unlikely to have a company that owns a boat.

But I'm curious as to how it could work. If I was a company director, but it was just me and a finance director or something, and the company did something other than fishing, but then with its company money earned from this other thing then bought a fishing boat and ostensibly sold its services as for-hire fishing trips, but actually really pretty much only got used for fun fishing trips by the directors, that'd work, wouldn't it?

This isn't a fantasy where one is accruing the money to own a fishing boat but not give any of it to one's bitter, nasty, grasping ex partner because she gets quite enough already. Honest.
__________________
Croolis is offline   Reply With Quote
Old 04 November 2024, 13:09   #2
Member
 
Country: UK - England
Boat name: Redneck
Make: Excel
Length: 3m +
Engine: 20 efi & 9.8 2s
Join Date: Jul 2020
Posts: 3,478
Benefit in kind tax springs to mind!
__________________
Steve509926 is offline   Reply With Quote
Old 04 November 2024, 16:03   #3
Member
 
Pikey Dave's Avatar
 
Country: UK - England
Town: South Yorks
Boat name: Black Pig
Make: Ribcraft
Length: 5m +
Engine: DF140a
MMSI: 235111389
Join Date: Feb 2008
Posts: 12,176
RIBase
You’d have to show that the boat was purchased for a legitimate company use, otherwise the company wouldn’t be able to write it down for tax purposes. Any operating costs wouldn’t be tax deductible, you’d have to show that the purchase & operation was part of the business enterprise. There’s nothing to stop the company from buying & owning the boat, it’s just that it wouldn’t be tax deductible.
__________________
Rule#2: Never argue with an idiot. He'll drag you down to his level & then beat you with experience.
Rule#3: Tha' can't educate pork.
Rule#4:Don't feed the troll
Pikey Dave is offline   Reply With Quote
Old 04 November 2024, 17:07   #4
Member
 
Pikey Dave's Avatar
 
Country: UK - England
Town: South Yorks
Boat name: Black Pig
Make: Ribcraft
Length: 5m +
Engine: DF140a
MMSI: 235111389
Join Date: Feb 2008
Posts: 12,176
RIBase
Ps, hypothetically, the grasping ex partner may be entitled to 50% of the shares in the hypothetical company. Ergo she would own half of the company assets.
__________________
Rule#2: Never argue with an idiot. He'll drag you down to his level & then beat you with experience.
Rule#3: Tha' can't educate pork.
Rule#4:Don't feed the troll
Pikey Dave is offline   Reply With Quote
Old 04 November 2024, 19:40   #5
Member
 
Croolis's Avatar
 
Country: UK - England
Town: Notts
Boat name: Terra Nova
Make: Boatworld
Length: 3m +
Engine: 4stroke 9.9 Mercury
Join Date: Apr 2023
Posts: 277
Quote:
Originally Posted by Pikey Dave View Post
Ps, hypothetically, the grasping ex partner may be entitled to 50% of the shares in the hypothetical company. .
Urrrgh

EDIT: oh hang on, I think that's only if we were married and the company was in existence when we divorced. We were never married, and have been split up for years, but have a child together. If I started a company tomorrow, I don't think she's entitled to diddly, besides a portion of what I'd pay myself.

I guess I could have it for hire, then have a mate come and "hire" it and its crew (me) when we wanted to go out lol.

Anyway, this is all just nonsense, it's just a conversation I had with a mate the other day about when we're all miwwionaires Rodney.

EDIT EDIT: Ex might be able to claim some additional money based on value of shares I own, not claim the shares themselves. Which is a bit mad. I mean, say the company I set up earned 500k one year (success!! ) , but I only paid myself 35k because I wanted to grow the business, surely she's only entitled to some of my 35k?
__________________
Croolis is offline   Reply With Quote
Old 04 November 2024, 19:59   #6
Member
 
Croolis's Avatar
 
Country: UK - England
Town: Notts
Boat name: Terra Nova
Make: Boatworld
Length: 3m +
Engine: 4stroke 9.9 Mercury
Join Date: Apr 2023
Posts: 277
Oh well, if it happens, I'll get an accountant .
__________________
Croolis is offline   Reply With Quote
Old 04 November 2024, 22:30   #7
Member
 
Country: UK - Scotland
Town: north ayrshire
Boat name: charlie girl
Make: S/R5.4/regal3760
Length: 10m +
Engine: Suzukidf70 2x6lp 315
Join Date: Jul 2009
Posts: 4,017
If you were never married then presumably your ex is only entitled to a percentage of your income for maintenance for the child(ren) regardless of how that income is earned. If you start a buisiness the expectation would be that the buisiness would make a profit & contribute to your income. A Ltd company is a good vehicle for lowering your income but retaining the use of company assets eg company cars, presumably if that buisiness was a boat hire buisiness if it showed a small profit then the tax man would be happy & the small profit wouldnt add hugely to your income & wouldn't affect your maintenance payments by much. My understanding is she would have no claim on buisiness assets anyway & especially those accrued after separation. Boat could be on a marine mortgage in any case therefore not technically yours
__________________
beamishken is offline   Reply With Quote
Old 08 November 2024, 10:49   #8
RIBnet admin team
 
Fenlander's Avatar
 
Country: UK - England
Town: Cambridgeshire
Boat name: Nimrod II
Make: Aerotec 380
Length: 3m +
Engine: Yam 15 Tohatsu 9.8
Join Date: Nov 2007
Posts: 8,972
You could always contract her in for shared use... with the small print Tuesdays between November and February?
__________________
Fenlander is offline   Reply With Quote
Old 08 November 2024, 13:17   #9
Member
 
Country: UK - England
Town: W Midlands
Make: C-Fury Patrol
Length: 4m +
Engine: Yamaha F 50
Join Date: Jul 2020
Posts: 91
Not sure whether this is of any use.
A few years ago I spoke to a chap that runs a PR company, he uses a boat as the office and it is a legitimate expense.

https://highlightspr.co.uk/

If you follow the link and scroll down you can see the boat, it's a small viking 24ft cruiser. Maybe email and ask him how it works as I can't recall the mechanism.
__________________
Jung at Heart is offline   Reply With Quote
Old 08 November 2024, 13:20   #10
RIBnet admin team
 
willk's Avatar
 
Country: Ireland
Length: 4m +
Join Date: Feb 2008
Posts: 14,904
I was given some great relationship advice once:

"You can build bridges, or build patios"
__________________
.
willk is offline   Reply With Quote
Old 08 November 2024, 13:28   #11
Member
 
Croolis's Avatar
 
Country: UK - England
Town: Notts
Boat name: Terra Nova
Make: Boatworld
Length: 3m +
Engine: 4stroke 9.9 Mercury
Join Date: Apr 2023
Posts: 277
Quote:
Originally Posted by Jung at Heart View Post
Not sure whether this is of any use.
A few years ago I spoke to a chap that runs a PR company, he uses a boat as the office and it is a legitimate expense.

https://highlightspr.co.uk/

If you follow the link and scroll down you can see the boat, it's a small viking 24ft cruiser. Maybe email and ask him how it works as I can't recall the mechanism.
Thanks. Was just a pointless conversation I had recently, made me curious. I don't own a company, not likely to .
__________________
Croolis 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




All times are GMT. The time now is 05:30.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.