Anonymous
Share this content
0
556

Private van used in Ltd company

Van purchase

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? 

 

Replies

Please login or register to join the discussion.

30th Nov 2018 17:59

Hello again, vali.

Who's making the payments for this van ?

Thanks (0)
avatar
By vali
to lionofludesch
30th Nov 2018 21:20

The payments are done from the business account.

Thanks (0)
to vali
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.

Thanks (0)
avatar
By vali
to lionofludesch
02nd Dec 2018 15:12

The payments are done by the company.

Thanks (0)
to vali
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.

Thanks (1)
avatar
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

Thanks (0)
avatar
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.

Thanks (1)
avatar
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?

Thanks (0)
Share this content