Car Financing

Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:

You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.

ZZZZ Snoozer replied

2 February 2007, 15:39
Originally posted by Paco

Haven't been round these parts for a while, but I have a question...

For those of you who work through a Ltd company, what do you find to be the best way to finance a car? Previously I've usually paid from my own account on personal contract purchase or similar, but I'm looking into whether it would be better to do a lease purchase/hire through the company. I've no particular car in mind, but it will probably be something like an A4 soft top diesel. I'd expect to do about 12K miles a year. Any thoughts?

Another option, as my wife is on the books, is to put it through the company in her name so it comes off her tax allowance (I'm a bit hazy on exactly how this works). Anybody do this?

Cheers.

A word of warning :

I used to have a lease car, it was one facet of my "being a real business" strategy. When I was on the bench for a while and it became difficult to keep up the payments, I would have had more protection as a personal hire-purchaser who had been paying for about 2 years.

As I remember, the monthly cost of leasing / HP was very close indeed. Hope this helps.
Leave a comment:
ratewhore replied

2 February 2007, 15:30
pool car - through the books

Seriously though, my accountant tole me there wasn't much difference in the total monetary value between doing it personally or through the ltd. It all comes down to whether you want to own a depreciating asset or not.

Me - I have a company lease car...
Leave a comment:
Paco started a topic Car Financing

2 February 2007, 15:23
Car Financing

Haven't been round these parts for a while, but I have a question...

For those of you who work through a Ltd company, what do you find to be the best way to finance a car? Previously I've usually paid from my own account on personal contract purchase or similar, but I'm looking into whether it would be better to do a lease purchase/hire through the company. I've no particular car in mind, but it will probably be something like an A4 soft top diesel. I'd expect to do about 12K miles a year. Any thoughts?

Another option, as my wife is on the books, is to put it through the company in her name so it comes off her tax allowance (I'm a bit hazy on exactly how this works). Anybody do this?

Cheers.
Tags: None