Author Topic: SGS  (Read 3511 times)

Offline Rat Catcher

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Re: SGS
« Reply #45 on: March 16, 2023, 01:22:53 pm »
Belker speak to your accountant but you could probably claim the accelerated capital allowances on the Avensis if you haven't already then trade up to a Camry and not be massively out of pocket over the course of the next few years.......
Could you explain that a little bit more MFH (as in detail), as I'm ultra thick on tax things.

You have two options for Wear & Tear Capital Allowance, Ken. The accelerated option is only available to full-time taxi drivers but I'm not sure what definition Revenue apply to full-time i.e. whether they look at the proportion of earned income derived from the trade or the actual number of hours you work. In any event, I wouldn't get bogged down on it 'cos either method gives the same end result i.e. the qualifying expenditure is written off against income tax.

If you don't elect for the accelerated option you simply claim qualifying expenditure (cost less provision for private use subject to Revenue limits) over 8 years on a straight line basis i.e. 12.5% per annum.

Ir you elect for the accelerated option you claim qualifying expenditure at 40% on a reducing balance basis e.g. if QE is 20,000 you would claim:
8,000 in year one
4,800 in year two
2,880 in year three
etc

In both cases when you dispose of the car you claim a balancing allowance or addback a balancing charge calculated as the written down value minus the sale price e.g. if your car has a written down value of 12,000 and you sell it for 10,000 you'd have a balancing allowance of 2,000... if you sold it for 14,000 you'd have a balancing charge of 2,000. Hence , in cumulative terms, it generally makes little or no difference which basis you choose as the end sum is the same either way, bearing in mind the fact that you can carry any unused allowances forward to offset against profits from the same trade in future periods.

In essence, the reducing balance method is best suited where you replace your car quite frequently e.g. every 3 years. Similarly, the straight line basis is generally the best option if you intend to keep the car for 7 or 8 years...
« Last Edit: March 16, 2023, 01:25:29 pm by Rat Catcher »

Offline Bob Shillin

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Re: SGS
« Reply #46 on: March 16, 2023, 01:33:52 pm »
Toyota will give taxi drivers a special price on the Camry
Wish I'ld known that!
"So look into the mirror, do you recognise someone, is it who you always thought you would become, when you were young?"

Offline Bob Shillin

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Re: SGS
« Reply #47 on: March 16, 2023, 01:36:29 pm »
Nice one, BS. Best of luck with it.
Thanks RC
"So look into the mirror, do you recognise someone, is it who you always thought you would become, when you were young?"

Offline Jack Meoff

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Re: SGS
« Reply #48 on: March 16, 2023, 01:43:42 pm »
Toyota will give taxi drivers a special price on the Camry
Wish I'ld known that!

You have to contact Toyota head office.
Did you buy new ?

Offline Bob Shillin

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Re: SGS
« Reply #49 on: March 16, 2023, 01:53:26 pm »
Toyota will give taxi drivers a special price on the Camry
Wish I'ld known that!

You have to contact Toyota head office.
Did you buy new ?
Bought a 31/8/222 registered car from a Toyota Dealer up country with 7 kilometres on the clock. The car was registered to an employee of the garage, but never taxed, and never left the show room window, which was where I viewed it.
Any idea what the discount is from head office.
« Last Edit: March 16, 2023, 01:57:48 pm by Bob Shillin »
"So look into the mirror, do you recognise someone, is it who you always thought you would become, when you were young?"

Offline Jack Meoff

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Re: SGS
« Reply #50 on: March 16, 2023, 02:08:28 pm »
I don’t know.
Knew a driver that got it.
Had to fill out a lot of forms to get it.
Not even the sales reps in the garage knew about the discount.

Online watty

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Re: SGS
« Reply #51 on: March 16, 2023, 07:25:43 pm »
I think the Camry has privacy glass that won't pass suitability and will need changing?
Yes rear fly and main windows below 70% visibility so mains had to be changed, windows €280, fitting €120. Passed suitability ok.

Where ya waiting 2 weeks for the windows?  2 weeks wasted if you're tight for cash and need to get back on the road asap.

Offline Bob Shillin

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Re: SGS
« Reply #52 on: March 16, 2023, 08:04:20 pm »
I think the Camry has privacy glass that won't pass suitability and will need changing?
Yes rear fly and main windows below 70% visibility so mains had to be changed, windows €280, fitting €120. Passed suitability ok.

Where ya waiting 2 weeks for the windows?  2 weeks wasted if you're tight for cash and need to get back on the road asap.
No cause of delay on windows.Main delays were sourcing a car, organising money,insurance fix/write off decision, getting it regged in my name, taxing it, getting the NCT booking, then suitability. All good now, tonight will be third night out.
"So look into the mirror, do you recognise someone, is it who you always thought you would become, when you were young?"

Offline Rat Catcher

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Re: SGS
« Reply #53 on: March 17, 2023, 12:27:24 pm »
You have two options for Wear & Tear Capital Allowance, Ken. The accelerated option is only available to full-time taxi drivers but I'm not sure what definition Revenue apply to full-time i.e. whether they look at the proportion of earned income derived from the trade or the actual number of hours you work. In any event, I wouldn't get bogged down on it 'cos either method gives the same end result i.e. the qualifying expenditure is written off against income tax.


Just to clarify, QE is written against taxable income not income tax. Apologies, I musta been in a hurry to get horizontal on the couch for the first race when I typed that.

Offline mercenary for hire

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Re: SGS
« Reply #54 on: March 17, 2023, 12:41:23 pm »
Thanks for explaining it better than I could RC.

I was just thinking the dream car for Belker might not be as expensive as he thinks when improved fuel economy,lower maintenance costs compared to his current problematic diesel and taxation stuff is factored in.

Not a free car by any means.


I'm interested in hearing Bobs Toyota Camry fuel efficiency compared to the Mercedes diesel.Hopefully it's better!

Offline Bob Shillin

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Re: SGS
« Reply #55 on: March 17, 2023, 04:45:11 pm »
Thanks for explaining it better than I could RC.

I was just thinking the dream car for Belker might not be as expensive as he thinks when improved fuel economy,lower maintenance costs compared to his current problematic diesel and taxation stuff is factored in.

Not a free car by any means.


I'm interested in hearing Bobs Toyota Camry fuel efficiency compared to the Mercedes diesel.Hopefully it's better!
. Mercedes screen said 7.3 litres per 100km. With 1300 km on the Camry the screen says 5.4 litres per 100km. included in 1300km was a trip back from Monaghan, return trip to Tinahealy, return trip to Kilkenny, various Licence set up appointments, local social trips, and 3 nights work. So far that's 38.69mpg in old money, compared to 52.31mpg.
« Last Edit: March 17, 2023, 05:01:53 pm by Bob Shillin »
"So look into the mirror, do you recognise someone, is it who you always thought you would become, when you were young?"

Offline mercenary for hire

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Re: SGS
« Reply #56 on: March 17, 2023, 06:00:03 pm »
That's fairly impressive Bob for such a big car.Should help keep the overheads down.Mine gets similar MPG and it's has less power and it's a smaller vehicle.

No emmisons tests at NCT should help too.

Offline Bob Shillin

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Re: SGS
« Reply #57 on: March 17, 2023, 06:28:09 pm »
That's fairly impressive Bob for such a big car.Should help keep the overheads down.Mine gets similar MPG and it's has less power and it's a smaller vehicle.

No emmisons tests at NCT should help too.
Yeah, I'm happy with that for a 2.5l petrol hybrid, but having said that I am consciously trying, in my driviing, to maximise it, at the moment, to justify the purchase to myself, maybe I will get less careful in the future. Independant road tests say ECO city 4 litres, 90kph 4.5 litres, 120kph 5.8 litres, but that's without a roofsign, as was every journey before I started working.
Same test for the Corolla TS 1.8 litre petrol says 3.5l, 4.3l, 5.6l.
"So look into the mirror, do you recognise someone, is it who you always thought you would become, when you were young?"

Offline mercenary for hire

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Re: SGS
« Reply #58 on: March 17, 2023, 07:57:20 pm »
Sounds good Bob.I can't talk about the 2.5 Camry but no matter how drive my yoke I still get the same economy.

If you're flooring the thing it just recoups more energy when you slow down so it will still get decent economy.City driving will get the best results out of the hybrid system but they're just engineered to be frugal....like meself.
« Last Edit: March 17, 2023, 08:00:57 pm by mercenary for hire »

Online Belker

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Re: SGS
« Reply #59 on: March 20, 2023, 10:13:41 am »
Belker speak to your accountant but you could probably claim the accelerated capital allowances on the Avensis if you haven't already then trade up to a Camry and not be massively out of pocket over the course of the next few years.......
Could you explain that a little bit more MFH (as in detail), as I'm ultra thick on tax things.

You have two options for Wear & Tear Capital Allowance, Ken. The accelerated option is only available to full-time taxi drivers but I'm not sure what definition Revenue apply to full-time i.e. whether they look at the proportion of earned income derived from the trade or the actual number of hours you work. In any event, I wouldn't get bogged down on it 'cos either method gives the same end result i.e. the qualifying expenditure is written off against income tax.

If you don't elect for the accelerated option you simply claim qualifying expenditure (cost less provision for private use subject to Revenue limits) over 8 years on a straight line basis i.e. 12.5% per annum.

Ir you elect for the accelerated option you claim qualifying expenditure at 40% on a reducing balance basis e.g. if QE is 20,000 you would claim:
8,000 in year one
4,800 in year two
2,880 in year three
etc

In both cases when you dispose of the car you claim a balancing allowance or addback a balancing charge calculated as the written down value minus the sale price e.g. if your car has a written down value of 12,000 and you sell it for 10,000 you'd have a balancing allowance of 2,000... if you sold it for 14,000 you'd have a balancing charge of 2,000. Hence , in cumulative terms, it generally makes little or no difference which basis you choose as the end sum is the same either way, bearing in mind the fact that you can carry any unused allowances forward to offset against profits from the same trade in future periods.

In essence, the reducing balance method is best suited where you replace your car quite frequently e.g. every 3 years. Similarly, the straight line basis is generally the best option if you intend to keep the car for 7 or 8 years...
Thanks Stephen, I didn't understand a lot of that, but I might give you a ring about it someday.

 


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