presume it needs to be left up there with them? then you buy from them?
Register it in a βfriendsβ name up north for 3 months.
be interested to hear that story some time!
Yeah another reason I will never buy new again is due to the sheer level of tax on a new car, no thanks !
Also, just read that one in fermanagh again and it doesnt include VRT in the listed price "
TOTAL COST FOR IRISH REGISTRATION ADDITIONAL TO VEHICLE PRICE= 3545 EUROS
"
VRT would likely be exempt anyway, it's based on the new OMSP and then a sliding scale of depreciation. I'd imagine even if not it would be in the 40-50k threshold so still reduced.
Taxes would be 10% +23% on the purchase price plus shipping. So, say it was 28k (https://www.autotrader.co.uk/car-details/202409204262425?sort=price-asc&advertising-location=at_cars&make=Tesla&model=Model%20X&postcode=BT82%208AX&seats_values=7&fromsra) so that's 33k euro purchase, plus 500 for shipping. Round up to 34. Then you have ((34k*1.1)*1.23) giving a total landed and registered cost of 46k. Assuming VRT is zero (maybe it's a grand on the top at most)
Now there are (100% legal) ways and means around the customs + vat bit so I'm hoping to have it for the 34k eur. But that's another story for another day.
Model X seem to be very expensive in Ireland compared to the ones in the UK. How much tax/duty would you pay on that one? The closest seems to be the 46k one in Fermanagh that might be VRT exempt?
Depreciation and Capital Allowances are two different things for tax. All motor vehicles for capital allowances are allowed for tax over 8 years or 12.5% a year. There are some exceptions for energy efficient equipment including electric vehicles. The maximum capital allowance allowed on a non commercial motor vehicle is β¬24k.
The Depreciation rates can be set by the company to reflect the useful life of the asset. The amount of depreciation is not allowed for tax but a credit is given for the capital allowances which may not be the same amount as different rates could be used.
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It would be a gain or loss on disposal, sales proceeds less net book value. So that would be added or subtracted from your profit in year of disposal. So yeah it would be over depreciated at 4 years because there will be residual value in a well kept passenger vehicle which would add to your taxable profits in that year.
You can choose your own depreciation rate based on useful economic life but need to be consistent across years and asset class, can't just change your depreciation policy to suit yourself in a particular year. We always did 4 years on our vehicles, the vast majority are vans which have a tough life and after 4 years when fully paid off have had a reasonably tough life and historically had little value in them. So the 4 year accounts are reasonably close to reality.
There's 36 vehicles on fleet at the moment so what you're doing with 1 particular vehicle isn't hugely affective to the accounts, if profit on disposal of 1 increases taxable profits there's plenty of new vehicles coming into service and being depreciated to offset it.....
Say you have a van you buy for 40k and write that off over four years you can reduce your profits by 10k per year.
At the end of year four you now have a van with a book value of zero. You then sell this van during year 5 for 20K.
Once the van is gone you need to take 40K cost and take 40K depreciation out of the balance sheet in the accounts. Add 20K into the bank account in the balance sheet and add 20K "profit on disposal' to the Income statement.
But if fully depreciated over 4 years, how do you account for money you get when you sell it? (after 4 years) Plus I didn't think you could decide the term yourself, why not depreciate over 1 or 2 years?
I'm an accountant in a past life, general manager of the company now.
We depreciate assets over their useful economic life, our vans were always 4 years so we do the same with cars. Didn't make any changes to EVs, didn't see the benefit to us really apart from less tax in year 1 but you're caught out in years 2 to 4 then so we keep things more or less level over the years.
8 years you might do with an expensive machine or something but wouldn't be usual with vehicles that you're not hanging on to. You'd end up doing a big negative adjustment on disposal for a vehicle when you can't get the book value for it if depreciated very slowly.
yeah, its a strange one, all other chargers are in the city or over on the Cork road side of things.
and as you say Tesco, then Aldi and Lidl etc.
I visit here a bit and its a bit of a pain having to go in near city etc to get decent charging
It's already happened, yes, but I'm not willing or interested in having the same car again. I usually change every 12 months or so anyway so it was overdue. The 3 was only supposed to be temporary until my X reservation came in. But that's a long story
Fair. Isnt it supposed to be 8 years at 12.5% each year for asset purchase? Obviously consult an accountant etc as I'm not one!
ACA, accelerated capital allowance? No, we didnt claim that, just depreciating the car over 4 years in line with all our vehicles.
Nope! It amazes me that one of the most populated areas of the city has no public chargers - including the hospital and the largest Tesco in the South-East. There are at least three other smaller Tescos that have the old ESB 22kw chargers. (Ballybeg, Tramore and Poleberry.)
Hope all okay (are by the sounds of things), would you really be worried about M3 depreciation, that's happened now, a good 221/222 RWD should be well under β¬30k
So my model 3 was in a major shunt at the weekend and is likely written off. Other side has accepted liability and it's at the engineer for assessment to confirm write off. I posted in the tesla owners group FB but essentially I'm super thankful to Tesla for keeping me and my family safe.
Assuming the car is written off, I'm now looking for the replacement. Certainly won't be a TM3 again, after getting hammered on the depreciation. I'm looking at used model X but there's slim pickings here and I'm working out the cost of importing. This is the pick of my list so far.
https://www.autotrader.co.uk/car-details/202409204262425?advertising-location=at_cars&atmobcid=soc5&fromsra&make=Tesla&model=Model%20X&seats_values=7&sort=price-asc
The only problem I can see is the company wouldnt qualify for the ACCA scheme in that instance, as the company would have to buy the car new.
Hello
Just wondering if there is any electric Vehicle charging around the general Ardkeen area of Waterford city?
I dunno. Comes up all the time though.
I was about to say the same.
https://www.carwow.co.uk/guides/buying/electric-car-salary-sacrifice#gref
Salary Sacrifice Scheme. I think itβs available to any employee.
It's zero BIK on an EV up to 45k here
Anything more expensive is only BIK on the amount over 45k
Problem is, there's no commitment to make this semi permanent at least, just until end of 2025 for now
But currently I have a cupra born BIK free
And I bought it personally to get the grant, then sold it to my company a few months later who then financed it and repaid me
Can't get any cheaper than that
Don't think I even did anything dodgy, entitled to do all that.
I think they have more favorable BIK rates, especially for EVs. I think it's 2% for EVs in the UK.
Why is that not the case here? Serious question.
UK is utterly distorted by fleet sales.
UK sales of EV's up 25% in the month of September versus September 2023. Driven by discounts and fleet purchases.
SMMT note discounts were influenced by upcoming fines the UK government will levy on manufacturers for not hitting EV targets.
Same thing on the ICE forums.
None of this is new. I can remember being trying to get put on as named driver and being quoted as uninsurable, 2000, 700 and free all by the same company in the same day.
It's nonsense.
Car is too old, too new, it's an import (we don't make cars) it's a 1.9 (with 90bhp), it's your age, it's your occupation, it's an EV, it's a diesel. The list is endless.
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