Typically, when people enter a competition to win a car, they often think about what they will do if they win. Where will they drive it first, how will it look in the garage and how jealous their coworkers or best mates will be when they see it, are usually the thoughts that come to mind. One factor they don’t consider, at least not at first, is how they are going to afford the VAT on it.
Sure, winning a luxury car is an opportunity of a lifetime and we would all like to do so, but we can’t forget that we will have to pay VAT on that luxury car. Rather than let that thought keep you from entering for a chance to win a car with Good Life Competitions, let’s take a look at some creative ways that you can make affording VAT on your luxury car easier. That way, you can get back to dreaming about that Mercedes-Benz GLA Class, Bentley Continental GTC or a Porsche Panamera 4 you could be winning right now!
Creative Ways To Afford The VAT On Your Luxury Car Prize
Consult With A Tax Professional- the first, and most important, thing to do when you win a car is to consult with a tax professional. A tax expert can help you understand the VAT fees and help you prepare for them.
Remember That You Have More Time To Pay- when you win a car, the VAT isn’t usually required right away. It takes time for your win to be verified and your car to be delivered. In most cases, the VAT isn’t due until the following tax year. That can giveyou time to plan and save.
Sell Your Old Car for VAT Payments- you have just won a luxury sports car, what do you need your old car for? Sell it to pay for the VAT on your new car and pocket the leftover for a fun driving holiday!
Maximise Your Deductibles- to make paying the VAT on your new luxury car easier and more affordable, you can have a tax expert look over your tax forms and maximise your deductibles, saving you money in other places.
Contact Good Life Competitions
If you are looking for ways to win a luxury car, contact Good Life Competitions today and purchase your tickets for a chance to win a Mercedes-Benz GLA Class, Bentley Continental GTC or a Porsche Panamera 4!
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