Ltd company electric vehicle - selling to director

I want to find the best way of buying the electric car that was purchased by my Ltd Co

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I have an electric car purchased by my limited company. Its current value is around 26k if I wanted to buy it at market value.  What are the tax implications of selling it to myself - I am going to sell the business but want to retain the vehicle.  Would I have to sell it to myself for market value plus VAT and then account for corporation tax on the sale ?

Are there any personal tax implications or better ways of doing this

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By Rammstein1
08th Jan 2024 16:06

What does your accountant advise?

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By David Ex
08th Jan 2024 16:42

You need an accountant.

https://find.icaew.com/

Other professional bodies are available.

https://www.accountingweb.co.uk/any-answers/how-to-use-any-answers

“If you intend to plan a course of action based on what you read in here, you should instead be taking professional advice.”

“They are not here to provide free accounting advice.”

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By paul.benny
09th Jan 2024 09:22

+1

If you're intending to sell, you definitely need an accountant. Selling the business and selling the company are different things with different tax consequences for you and for the buyer.

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