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Personal finance vehicle in Ltd company?

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I have a client who has recently incorporated. They have a vehicle that is used wholly and exclusively for business which they make finance payments for. The vehicle is in their personal names and not the business.

My question is what would be the best way of bringing the vehicle into the company so they can claim the VAT on the car expenses or should they keep a mileage log?

Thanks in advance for your help

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By Paul Crowley
04th Nov 2020 18:16

Quote:

I have a client who has recently incorporated. They have a vehicle that is used wholly and exclusively for business which they make finance payments for. The vehicle is in their personal names and not the business.

My question is what would be the best way of bringing the vehicle into the company so they can claim the VAT on the car expenses or should they keep a mileage log?

Thanks in advance for your help

Thanks (1)
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By Paul Crowley
04th Nov 2020 18:18

.

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By lionofludesch
04th Nov 2020 18:28

"The vehicle is in their personal names."

Can you clarify that ? How many of these cars are there ? And how many people ?

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Replying to lionofludesch:
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By AntoniaG 1
04th Nov 2020 18:59

Sorry, it is a sole director, she became a director and has two vehicles one of which she uses solely for business purposes.

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Replying to AntoniaG 1:
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By lionofludesch
04th Nov 2020 19:03

Making Accounting Fun ! wrote:

Sorry, it is a sole director, she became a director and has two vehicles one of which she uses solely for business purposes.

OK, well, the answer is that she can only bring the vehicle into the company if the finance company agree.

Likely outcome is that she'll need to run the car herself and claim mileage.

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Replying to lionofludesch:
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By AntoniaG 1
04th Nov 2020 19:12

Yeah, I thought that but I wasn't sure if there was another way. Thanks for your help

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By AntoniaG 1
04th Nov 2020 18:54

Sorry, it is a sole director, she became a director and has two vehicles one of which she uses solely for business purposes.

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By AntoniaG 1
04th Nov 2020 18:54

Sorry, it is a sole director, she became a director and has two vehicles one of which she uses solely for business purposes.

Thanks (0)
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By AntoniaG 1
04th Nov 2020 18:54

Sorry, it is a sole director, she became a director and has two vehicles one of which she uses solely for business purposes.

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