There's nothing to stop YourCo buying a car. It's the personal benefit that is the question and always has been, and why the buy it personally and charge it option usually made more economic sense.
With the EV benefits the picture has changed somewhat, but what we don't know is how using company money to buy a personal asset is affected. I don't see a car as being any different to a summerhouse or a 54" plasma screen if it is never used for the business in any way, it's just another company asset. So the BIK question is a little unresolved.
The VAT position is clear, however. You can't claim input VAT on expenditure that is not made for the company's business or its furtherance.
With the EV benefits the picture has changed somewhat, but what we don't know is how using company money to buy a personal asset is affected. I don't see a car as being any different to a summerhouse or a 54" plasma screen if it is never used for the business in any way, it's just another company asset. So the BIK question is a little unresolved.
The VAT position is clear, however. You can't claim input VAT on expenditure that is not made for the company's business or its furtherance.
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