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Director buy Car

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My questions is that a director of company is planning to buy a car. he ask me if it is good to buy on personal name or on company name. what is better option.

he has 10 years no claim discount on his personal name and company was formed 3 years ago. will the insurance cost be high?

the car will be used for 80% business use. Previously, he was using his own car and was using company card for petrol. 

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By lesley.barnes
01st Jun 2020 13:21

There is not enough information to say - as his accountant you will need to do the calculations based on your clients individual situation and the car he is planning to purchase. As for the insurance your client will need to get quotes based on the various options.

You could start here ..

www.gov.uk/tax-company-benefits/tax-on-company-cars
www.gov.uk/reclaim-vat/cars
www.gov.uk/capital-allowances/business-cars

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By Tim Vane
01st Jun 2020 13:22

Why did he ask you? Are you his accountant? If you are not his accountant, why not advise him to ask his accountant?

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By JCresswellTax
01st Jun 2020 13:29

wind up alert

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By Paul D Utherone
01st Jun 2020 13:36

For posterity

Quote:

My questions is that a director of company is planning to buy a car. he ask me if it is good to buy on personal name or on company name. what is better option.

he has 10 years no claim discount on his personal name and company was formed 3 years ago. will the insurance cost be high?

the car will be used for 80% business use. Previously, he was using his own car and was using company card for petrol. 

Thanks (1)
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By Accountant A
15th Jun 2020 18:24

[;oug;

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Replying to Accountant A:
Hallerud at Easter
By DJKL
02nd Jun 2020 16:07

There by definition is nowhere else for MDTP to operate his business.

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.
By Cheshire
01st Jun 2020 23:52

Quote:

My questions is that a director of company is planning to buy a car. he ask me if it is good to buy on personal name or on company name. what is better option.

he has 10 years no claim discount on his personal name and company was formed 3 years ago. will the insurance cost be high?

the car will be used for 80% business use. Previously, he was using his own car and was using company card for petrol. 

You need www.insuranceweb.co.uk

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Flag of the Soviet Union
By thevaliant
02nd Jun 2020 15:21

'he ask me'....

You mean you asked yourself?
Far too little information to comment, even if we wanted to.

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Lone Wolf
By Lone_Wolf
02nd Jun 2020 16:20

Aww. It's cute you're pretending to be an accountant.

Since your Caps Lock button seems to be intermittently broken I'll cut you some slack.

You'll not provide the required information, and no one has the time to go into detail if you do, so a good rule of thumb is to own it personally unless you're going for a new electric car.

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