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company vehicle

not a company vehicle!

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we have a limited company whohad bought a pick up truck in the last year

they do their bookkeeping and we've picked this up at year end

they have have run it through their books as a company vehicle, claimed VAT, fuel, insurance etc - but on reviewing the finance agreement it turns out it registered to the director personally

whats the best way to go forward with this to correct - other than running for the hills

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By Roland195
06th Dec 2019 17:18

Have the company document the fact that the director undertook the finance agreement on behalf of the company as no doubt the company couldn't obtain the credit otherwise. Far from perfect but will reflect the substance of the transaction, if not the form. Reporting the BIK may help prove persuasive.

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RLI
By lionofludesch
06th Dec 2019 17:23

Is there a minute authorising the director to act as agent on behalf of the company ?

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By JDBENJAMIN
06th Dec 2019 17:27

Is the company the registered keeper according the the reg doc? Is the company the insured party? Who is the purchase receipt made out to?

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By Crouchy
09th Dec 2019 16:37

as an update

the V5 is registered to 'client name trading as company name Ltd'

Full HP agree is the same, but is termed as a personal finance agreement

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Replying to Crouchy:
RLI
By lionofludesch
09th Dec 2019 16:46

busacrun wrote:

as an update

the V5 is registered to 'client name trading as company name Ltd'

Full HP agree is the same, but is termed as a personal finance agreement

Well, technically, that's rubbish.

But I'd go with that. It's sufficient evidence of intention for me.

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