I am currently a Director of a Buildign Surveying firm in the UK and am debating purchasing a motorbike for business and personal use.
I have been informed that the clasification of a motorbike in respect of company tax clasification has changed.
I am unsure whether to purchase the bike myself or purchase it through the company. Can anyone clarify what the current tax liabilities are for me if I purchase it through my business? I would be classed in the top tax bracket.
If for example i spend £12000 on a bike and say the running costs anually are say £3000 all in for insurance, tyres, petrol etc how much tax would I be liable for?
How would any personal use be accounted for?