Company car ownership - logistical question

[b0redom]

if you google "VAT company car" the first link has your answer.
https://www.gov.uk/guidance/vat-on-m...s-notice-70064

Section 6 is https://www.gov.uk/guidance/vat-on-m...s-to-employees

And yes VAT needs to be accounted for if any personal use.


The question is why you would doubt your accountant based on the word of a 2nd hand car salesman?

Yeah, I found similar after posting, but as it's over £6k and the guy was so sure I figured I'd check.

[Lance]

Yeah, I found similar after posting, but as it's over £6k and the guy was so sure I figured I'd check.

you now have bargaining power. Tell him you want £6k off. See where that takes you.

[northernladuk]

In the current climate of majority inside gigs you might want to investigate your exit options as well just in case there is a timeline in which it's not financially viable if you end up swapping inside and closing the ltd

[Keanu2020]

I found company insurance to be cheaper than personal. I brought 1 year old Plug In Hybrid (regular runs up M1 and to Brimingham for work). Biggest surprise to me wasn't couldn't claim the whole cost of car as business expenses. Seems to be different rules on second hand cars and you can only claim 18% of cost per year or something like that (accountant advice who I trust). Can claim insurance, service, etc.