Electric car through Ltd?

[94bb]

business contract lease: VAT impact

I've received some advice from my accountant, and wanted to validate it here. To claim the VAT back on a business contract lease, does the limited need to be standard rate rather than flat rate. I thought assets over £2k qualify for VAT claim backs, and technically the value of the contract over 3 years is much greater. For example if the initial rental is £20k and future monthly costs are £500 a month, does this not qualify, or is our hand forced to convert to flat rate?

[northernladuk]

Is a rent\lease car an asset of the company?

[94bb]

Is a rent\lease car an asset of the company?

The ownership of the vehicle is in the company’s name not the lease firms name. So seems like a grey area...

[northernladuk]

The ownership of the vehicle is in the company’s name not the lease firms name. So seems like a grey area...

Not according to wikipedia

Lease - Wikipedia

Or the first paragraph on this page and so on

What is Vehicle Leasing? Car Leasing Explained | LeasePlan

[WTFH]

The ownership of the vehicle is in the company’s name not the lease firms name. So seems like a grey area...

At the end of the lease without making any final payment, does your company own the vehicle?

[Magpie252]

At the end of the lease without making any final payment, does your company own the vehicle?

The car will remain the property of the lease/finance company until the final payment (or any option to buy payment) is made.

[WTFH]

The car will remain the property of the lease/finance company until the final payment (or any option to buy payment) is made.

Exactly, but 94bb seems to think his company already owns it.

[northernladuk]

The car will remain the property of the lease/finance company until the final payment (or any option to buy payment) is made.

We know that. Both myself and WFTH have eluded to this to give the OP a hint to rethink but it appears its a bit too subtle.

[GhostofTarbera]

Plus - don’t be modifying your car

BMW cancels YouTuber’s finance after he modifies M4 performance car | Express & Star


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[Spoiler]

Financing a Tesla

Aaaand we're back

Need a new car and one option is a Tesla, which I'm looking at getting through the Ltd. (The other options are non-EV, which I'd finance personally).
Have pinged the accountant an email and awaiting a response - but as they sent a newsletter a few months back about buying EVs via the company I know they're not against it in principal.
I'd also apprecite thoughts from the learned community here (and those not so )

I'm not planning on closing the ltd down within the lifetime of the car's ownership, but if I were to more than likely I would take the car on personally.

So, Tesla offer 3 business options:
1. Cash
2. PCP
3. HP

I have cash in the company to buy the car. Additionally, I have another £40k loan reserve that I'm not using at the moment - cheers Rishi
I could do PCP, not convinced about HP.

Any reason PCP (or HP) is a better alternative than a cash purchase ?