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Private van used in Ltd company

Van purchase

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I started a delivery business and I purchased a van on a lease agreetment on my own name, but the van is used 100% procent in the business, not private use at all. Does the van needs to go into the company's books? Can I claim miles on it or just petrol receipts? 

 

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RLI
By lionofludesch
30th Nov 2018 17:59

Hello again, vali.

Who's making the payments for this van ?

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By vali
30th Nov 2018 21:20

The payments are done from the business account.

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RLI
By lionofludesch
30th Nov 2018 21:32

So, to put it another way, the payments are being made by whom ?

As opposed to what kind of account it is.

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By vali
02nd Dec 2018 15:12

The payments are done by the company.

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RLI
By lionofludesch
02nd Dec 2018 15:26

Well, it'd be a lot more straightforward if you paid for the lease, fuel, tax, insurance and repairs and then claimed a mileage allowance from the company.

If not, you're going to need to deduct any of these costs paid by the company from your mileage payments. It's going to be a nuisance trying to keep a track of all this.

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the sea otter
By memyself-eye
30th Nov 2018 18:47

..and why does your accountant not advise?

hint: Company has a 'why' on the end..

2nd hint: just charge mileage

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By SXGuy
01st Dec 2018 10:50

Guessing from your limited question.

Milage allowance - > DLA
DLA - > lease payments.

Should milage be less than payments, well you will need to sort out the difference owed to the company.

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By JDBENJAMIN
02nd Dec 2018 11:40

Are you really the client, not the accountant? I would be surprised if a properly qualified accountant's spelling was this bad, or that he would need to ask questions as obvious as this. If the van is in your name, then I suspect the correct answer would be too complicated for you to understand. Get an accountant. By the way, who is Van Bough? Frank Bough's artistic Dutch cousin?

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