Sell car to Ltd company

[lenovo]

Hi

I am 30 months into a contract so I am no longer claiming travelling expenses.
I'm considering selling my car to my business to help offset the loss of expenses to some degree.

Are there any major reasons why I shouldn't do this?

[Kenny@MyAccountantFriend]

It would become a company car and there would then be tax payable on the benefit recieved (based on the list price when new for the car).

The company would also be liable for class 1a NIC on the benefit provided.

If you claim fuel additional tax is payable as per the above on this benefit too.

Overal I wild not recommend it for a second hand car.

[northernladuk]

Your accountant should also say the same as Kenny. They should really be your first port of call.

[Andrew@Wisteria]

It would become a company car and there would then be tax payable on the benefit recieved (based on the list price when new for the car).

The company would also be liable for class 1a NIC on the benefit provided.

If you claim fuel additional tax is payable as per the above on this benefit too.

Overal I wild not recommend it for a second hand car.

This. NB all cars are normally not worth putting into company unless they're ultra effficient. Ps. hope your accountant has a few less typos

[lenovo]

OK thanks guys, looks like I won't be doing it then. I generally avoid my accountants, seem to be a bit of a waste of space, didn't even realise I needed to stop claiming expenses after 2 years. I should probably change them!

[SueEllen]

OK thanks guys, looks like I won't be doing it then. I generally avoid my accountants, seem to be a bit of a waste of space, didn't even realise I needed to stop claiming expenses after 2 years. I should probably change them!

You run your company NOT your accountant.

It's not hard to find the relevant tax information you need as a company owner. Firstly lots of accountants, associations like IPSE and even this site have free online guides to help. Secondly HMRC provide the necessary pages online with more information, which you can find through Google. Also HMRC are "very kind" and provide things such as VAT courses to help small business owners.....

[lenovo]

You run your company NOT your accountant.

It's not hard to find the relevant tax information you need as a company owner. Firstly lots of accountants, associations like IPSE and even this site have free online guides to help. Secondly HMRC provide the necessary pages online with more information, which you can find through Google. Also HMRC are "very kind" and provide things such as VAT courses to help small business owners.....

If I'm paying a professional though, I expect a professional service not just a monthly invoice.

[northernladuk]

If I'm paying a professional though, I expect a professional service not just a monthly invoice.

Get a new one then.

[mudskipper]

Get a new one then.

WHS.

[TheFaQQer]

If I'm paying a professional though, I expect a professional service not just a monthly invoice.

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