Norris Designs' new Evo...
- Thread starter ali619
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gv1.3
Admin
true but its easier to release money from your company for building something that is relevant to your company as the tax man will not be interested. If he took the money out and did it as a side project then he would have to be fairly well off.
for example if he wanted to build this car and was in the clothing industry.. maing t-shirts or something. It would be difficult to get this past the taxman as a company asset. So if he really wanted to do it he would have to take money out of the company paying a lot of tax on it... and then do it privately... that would cost a hell of a lot of money and highlights how your company can be very well off but you may not be. i.e. your company may be able to afford something but you may not - meaning your finances do not equal that of your company
As for being able to afford things... thats another grey area too because again your company doesnt have to buy things cash. An example of this would be a garage that buys premises. Does the company buy the premises out of its cash thus reducing its liquidity ... and more to the point can the company actually afford to go ahead and buy premises outright? If not the company will borrow from a lending institution but the loan is in the companys name. Or if the company wanted to purchase a demo car for 100k it could get a loan for it.
So a company with a loan for a car for 100k and a loan for premises for 3 million on paper looks like it has assets of 3.1 million... again this does not mean the owner has 3.1 million but it doesnt mean the owne has a loan of 3.1 million to buy these either... that is why people set up as companies to limit their liability. The company is a distinct entity.
The owner of the ficticious company above could have be making no profit every year but drawing an average weeks wage for himself and paying off overheads and the company loan payments. As the company grows he could give himself a wage increase but the silly thing to do is declare a big profit (which the company gets taxed on) and then try remove that from the company into your personal account (which you then get taxed on).
The car most probably saved him money rather than costing him money. If it cost 100k to build it is better than having 100k in profits as you wont pay tax on the car as it is a company asset... but if you left the money in the company account as profit at the end of the year the company would pay tax on those profits.
Most companies will sink large sums into assets before the end of a finanacial year to avoid losing their profits to the tax man... a healthy company is not always the one with the largest profits
anyway... whats this got to do with the car again LOL
for example if he wanted to build this car and was in the clothing industry.. maing t-shirts or something. It would be difficult to get this past the taxman as a company asset. So if he really wanted to do it he would have to take money out of the company paying a lot of tax on it... and then do it privately... that would cost a hell of a lot of money and highlights how your company can be very well off but you may not be. i.e. your company may be able to afford something but you may not - meaning your finances do not equal that of your company
As for being able to afford things... thats another grey area too because again your company doesnt have to buy things cash. An example of this would be a garage that buys premises. Does the company buy the premises out of its cash thus reducing its liquidity ... and more to the point can the company actually afford to go ahead and buy premises outright? If not the company will borrow from a lending institution but the loan is in the companys name. Or if the company wanted to purchase a demo car for 100k it could get a loan for it.
So a company with a loan for a car for 100k and a loan for premises for 3 million on paper looks like it has assets of 3.1 million... again this does not mean the owner has 3.1 million but it doesnt mean the owne has a loan of 3.1 million to buy these either... that is why people set up as companies to limit their liability. The company is a distinct entity.
The owner of the ficticious company above could have be making no profit every year but drawing an average weeks wage for himself and paying off overheads and the company loan payments. As the company grows he could give himself a wage increase but the silly thing to do is declare a big profit (which the company gets taxed on) and then try remove that from the company into your personal account (which you then get taxed on).
The car most probably saved him money rather than costing him money. If it cost 100k to build it is better than having 100k in profits as you wont pay tax on the car as it is a company asset... but if you left the money in the company account as profit at the end of the year the company would pay tax on those profits.
Most companies will sink large sums into assets before the end of a finanacial year to avoid losing their profits to the tax man... a healthy company is not always the one with the largest profits
anyway... whats this got to do with the car again LOL
gv1.3
Admin
just to add, norris has a lambo gallardo too... Hes got to have a pretty penny
not necessarilly... it could be a company owned asset... see my post above
Adam_Glanza
Member +
i see, your obviously a very intelligent guy and you know your stuff.
i do see wat you mean a bit clearer now, its sorta the same thing that abramovich and other rich business men are doing in football, investing in a club to make it a business so less tax, not just money sitting in a bank account.
well either way i think his cars nice and aslong as he doesnt crash good luck to him lol
i do see wat you mean a bit clearer now, its sorta the same thing that abramovich and other rich business men are doing in football, investing in a club to make it a business so less tax, not just money sitting in a bank account.
well either way i think his cars nice and aslong as he doesnt crash good luck to him lol
Dan3SGTE
Member +
not necessarilly... it could be a company owned asset... see my post above
Ahh yes, i see, very valid point i didnt think of...
Its like my mums ex, he always has porches, brand new range rovers, mercs etc and they are all through the company... I wasnt thinking.
97'GlanzaVTurbo
Member +
This thread went a bit mad there for a minute.haha. Very well explained Dylan I must say, it is soo true all companies 'treat' themselves with the profits as a 'company asset', why give the tax man loads of money when you can drive around the track in that amazing car??lol.
Must say dont like the look of the car but love the ideas put into it and that engine....ohhhhh.....SEX!!!!
Good luck to him, if I was in his situation I would be doing the exact same thing so would all of you....dont deny it
Christy
Must say dont like the look of the car but love the ideas put into it and that engine....ohhhhh.....SEX!!!!
Good luck to him, if I was in his situation I would be doing the exact same thing so would all of you....dont deny it
Christy
potatoesaregood
Member +
Dunno why there's so much arguing.
The car looks amazing everyone knows he ain't the best driver but he try's.
If i had the stuff like that id give it a go.
The car looks amazing everyone knows he ain't the best driver but he try's.
If i had the stuff like that id give it a go.
Adam_Glanza
Member +
to be fair hes only got wat the japs have anyway.
if you look at half the cars in time attack in japan all the evos and most the s2k's have that sorta downforce kit.
at the end of the day its for performance not looks
if you look at half the cars in time attack in japan all the evos and most the s2k's have that sorta downforce kit.
at the end of the day its for performance not looks
scottishcruiser
Member +
To some it up I reckon it could be down to jealousy from a lot of people.... I have no great track experience but if I had a car like that and was able to race it round a rack I would..
And as for the looks, well it looks sh1t, but there obviously there to aid it, cause as said already, if it were a cavalier they were on eberyone would be saying look at this shit box...
And as for the looks, well it looks sh1t, but there obviously there to aid it, cause as said already, if it were a cavalier they were on eberyone would be saying look at this shit box...
Adam_Glanza
Member +
i might be weird but i like it for some reason
A similar discussion was made on the lancer forums about getting pro drivers to drive some of the tuners cars. Some tuners do use pro drivers some don't. Si, Barry (dcy) clive from rc and a few others have said that they wouldn't put a pro driver in there car as it's there company they are advertising and they want to show the public what they can do, and not pay for someone else to drive / crash there car.
Norris has had a few offs recently and from what I have heard/ read he has been a gentleman and offered help finacially to the other parties involved. I don't know if the cash ever surfaced or not. Prior to his offs he was doing well in the likes of totb etc. Everyone has offs even F1 drivers. We all have good and bad days when driving. I am not standing up for him or against him tbh. Good on him I say along with the other guys that have the money and balls to compete in any of the events. But I think that si has got a few people to look out for this year as a few of the guys have now got more experience on the track and will be on his rear looking for a way past.
Just my opinion though.
kat
Norris has had a few offs recently and from what I have heard/ read he has been a gentleman and offered help finacially to the other parties involved. I don't know if the cash ever surfaced or not. Prior to his offs he was doing well in the likes of totb etc. Everyone has offs even F1 drivers. We all have good and bad days when driving. I am not standing up for him or against him tbh. Good on him I say along with the other guys that have the money and balls to compete in any of the events. But I think that si has got a few people to look out for this year as a few of the guys have now got more experience on the track and will be on his rear looking for a way past.
Just my opinion though.
kat
lol its turning into a business law debate
I understand what you are saying too mate - I mean he owns the company, well we assume he does, in reality any amount of people could own it.. but assuming he owns it if it was sold he would get whatever was left after everything has been cleared and then he would get taxed on that.
If you want to compare it to a house... if you have a house worth 500k and have a mortgage of 450k who owns your house?... you or the bank?
If you owned the premises outright and owned every bit of equipment outright and all of your suppliers accounts had been cleared, then all of the company money would be yours wouldnt it?
Adam_Glanza
Member +
i think the problem is, is that when getting mortgages and investors / money lending involved with the equasion it becomes very difficult to judge lol.
but from lehmans terms it is his money, but his companys.
either way most the times he crashed he was in 2nd odd place and doing fairly well.
think the fellas just been unlucky a few times and started to get a rep
but from lehmans terms it is his money, but his companys.
either way most the times he crashed he was in 2nd odd place and doing fairly well.
think the fellas just been unlucky a few times and started to get a rep
TurboDave
Member +
The only thing which used to break on the SWB was the transmission, with that sorted by the new Skyline transmission I am sure it will be much more reliable.
I have spoken to Simon several times and he is a real nice guy.
I think people need to consider how well they could drive a 1000bhp car ....
I have spoken to Simon several times and he is a real nice guy.
I think people need to consider how well they could drive a 1000bhp car ....
ahh ha ha ha that ol'chesnut!
don't see what all the fuss is about with Si having a few off's, tbh i bet 99% of the people on here would if they took a car like that round a track in comp.
and who cares about who's money it is? are you middleaged? balding? drive a beemer?
end of the day that car is a monster and fair play on the guy for the work thats gone into it!
i just wish my work involved building/preping/driving machines like that!!!
TurboDave
Member +
Yeah it is a GT42 variant and it is bigger in the flesh than it looks in the picture!
dame right mate. my mate is gonna be upgrading again as hes not happy with 600bhp lol!. so hes going for one of norris's 2.3 with a GT40.