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Trolly-Dolly
Average Member
591 Posts |
 Posted - 01 July 2008 : 11:47:47
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Hi,
Can a car be seen to be a tool of trade? My commute to work is a 200 mile round trip and often at times when no public transport is available.
Has anyone else done this? I'm also going to list my mobile as a tool. |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 01 July 2008 : 13:59:02
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Hi drowning mummy
How much is your car worth? The Official Receiver will in general allow you to claim a vehicle needed to get to and from work as exempt up to around £3,000.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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melanie_giles
Senior Member
1191 Posts |
Posted - 01 July 2008 : 21:30:04
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A car is not usually deemed to be a tool of the trade under normal circumstnaces, unless of course you are a taxi driver or courier.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 July 2008 : 11:30:25
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Hi DM,
I believe that as long as the car is worth less than £2500, you should be fine. A 200 mile round trip will be far more expensive on public transport than with your own car, so you should be able to successfully argue the car is a tool of your trade.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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melanie_giles
Senior Member
1191 Posts |
Posted - 02 July 2008 : 23:49:05
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I don't follow that argument at all Julian sorry. Surely you mean an "exempt asset" rather than a "tool of the trade"?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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debtrider
Junior Member
494 Posts |
Posted - 03 July 2008 : 13:15:16
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I am self employed and without my car I would not be able to get around to do my work, and without a mobile phone how would I be able to communicate with clients and get work. Surely this must be seen as tools of the trade, without them I would not be able to earn a living.
Debtrider |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 03 July 2008 : 23:34:40
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Hi debtrider
the car and phone are not seen as tools of the trade but would be exempt because they are required to carry out work and get to income generating appointments etc. The phone is clearly your main communication method for taking bookings so that will be fine.
If you were an artist or bricklayer then the tools to perform these tasks are "tools of the trade"
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 04 July 2008 : 17:12:35
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Hi Melanie,
Apologies, you are correct. However, the end result is still the same!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Topic |
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Tools of Trade
