Saving Car Tax, plus the James Bond Dilemma

Last week I was considering the loss of contractors from the public sector due to a change in government policy. This week I want to look a company car taxation which is another area that is policy driven. ( sorry pun) I get a lot of questions about cars that are purchased through the business and used privately. I thought it worth exploring the most tax efficient options.  But first I had to laugh this week when I discovered the Bond dilemma.

Daniel Craig to Play Bond one Last Time.

Daniel Craig

Craig to play Bond one more time.

Daniel Craig will will be reprising his role as James Bond one more time. That will be 13 years in the job and he will be 51 when it is releasedAjay Chowdhury, the editor of the James Bond International Fan Club magazine, told BBC 5 live: “He’s been the most critically acclaimed and commercially successful actor to play Bond.

“He’s made Bond such an iconic character, no-one thought Bond would still be this important and get this much attraction.”

It has been no secret that Daniel Craig was tired of the role and had been reluctant to do another. He was reported in 2015 to have said that he’d rather chew on busted glass than go through this process again. That was after Skyfall. He went on to make “Specter” and now agreed to make the next.  As said he has been one of the most popular actors in the role since Sean Connery.  I have no doubt a boat load of cash had some influence, although he has probably got plenty already..

Reality is the Real Dilemma

However, Danial’s dilemma is small when compared to the challenge for the script writers. The world that James Bond inhabits is one where the “wealthy and warped” seek to take over and dominate in ever more bizarre plots or demonstrations of power.

The Evil Mr Trump

When reality is stranger than fiction

But how do you write a story that is engaging when the reality of our world is even more outrageous than the absurd fiction.  The writers Neil Purvis and Robert Wade created the last six films. Neil Purvis discussing the new project was quoted in the Telegraph saying.

“With people like Trump, the Bond villain has become a reality,”

 

I have no doubt the writers will meet the challenge, a new villain will be found and Bond will be required to crash lots of cars. I read somewhere recently that Bond trashed $37M worth of cars in the last film alone. Back to car tax…

Saving on Company Car TaxationCompany Car Taxation

So today I want to spend some time talking about company car taxation and in particular how you can get some tax benefits from having your company supply a car to a member of your family. I’m not talking about tax savings of $37M here but us lesser mortals are usually content if we can get an advantage measured in £100s or £1000s. In this context, I am going to mention muscle cars but also briefly comment on cars that most young men would not want to be seen in, but that can be very tax efficient, to the point of actually saving you money. Buy a car for your daughter and cut your tax bill, well almost.

As ever, any thoughts or questions on other aspects of tax planning, please call or email.

Call us on 0800 180 4401 or email advisers@thelongpartnership.co.uk

Slaying your tax dragons and making life less taxing!

Alan Long
The Long Partnership

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