HMRC Valuations and N+1
navrig2
Posts: 1,851
Got an email today confirming that the bike I purchased on C2W scheme is now mine.
HMRC "value" the bike at £42 and therefore there is no benefit in kind to be taxed.
The bike is a Ribble Gran Fondo with 105 kit and the stock cheap wheels. I'd probably get £300 or so 2nd hand for it.
On the basis that I have an official email valuing the bike at £42 can I convince my wife to let me sell it for a really good profit to help fund the next bike.
Mmmmmm, bit of reverse logic in there but may be worth a go.
Thoughts?
HMRC "value" the bike at £42 and therefore there is no benefit in kind to be taxed.
The bike is a Ribble Gran Fondo with 105 kit and the stock cheap wheels. I'd probably get £300 or so 2nd hand for it.
On the basis that I have an official email valuing the bike at £42 can I convince my wife to let me sell it for a really good profit to help fund the next bike.
Mmmmmm, bit of reverse logic in there but may be worth a go.
Thoughts?
0
Comments
-
so, you have to ask your wife's permission to spend your money?'dont forget lads, one evertonian is worth twenty kopites'0
-
-
If your bike is only worth £42 then it's less good than one of those unsafe supermarket specials, your wife wouldn't want you riding an unsafe bike would she?
Get a new bike quick before yours disintegrates.0 -
If it was stolen would you be waving that valuation? I think not? :P0
-
fast as fupp wrote:so, you have to ask your wife's permission to spend your money?
Yes, isn't that the norm...?
:oops:0 -
-
clearly you need to explain to her that it's really worn out, so only worth 42 quid, not even worth the hassle of selling
so you now need to buy something better that will last longer and keep more resale value, naturally retaining the old one for 'just in case' situations (like puncture, plague of frogs, zombies, etc.)my bike - faster than god's and twice as shiny0
