Share this content

Valuing a vehicle

Client selling a vehicle to PSC for more than its worth

Didn't find your answer?

How do I get a valuation for a foreign car? I am worried my client is trying to sell it to their PSC for more than it is worth. What are the risks?

Replies (4)

Please login or register to join the discussion.

By Tim Vane
21st May 2019 11:38

Risks? He’s selling it to his own company; what risks are you foreseeing? Why does he want to do it?

Thanks (0)
By lionofludesch
21st May 2019 11:45

I often point out to clients that, at the end of the day, it's HMRC that they have to convince.

If they can't even convince their own agent, the likelihood of HMRC rolling over at an enquiry is slim.

Usually brings a touch of reality into the conversation.

Thanks (0)
By Accounting for Now
21st May 2019 11:54

I am worried they are trying to draw more money out of the DLA than the vehicle is worth and that it might be tax evasion.

Thanks (0)
paddle steamer
21st May 2019 11:58

We buy any, albeit may need to wait until it gets a UK plate so website recognises it.

Or if make /model plus mileage known is Glass's guide still available or Parker's used Car Price Guide?

Risks are presumably deemed distribution re the excess over market value.

Not sure why he/you want a car in a company anyway, something I avoid , though I did at one time consider selling my wonderful Scimitar SS1 to my company which could then spend a fortune repairing it, sorting the head and cam to stage one, stainless four branch exhaust, nice pair of Webbers , all singing and dancing polybushes all round, new quarter lights, new leather seats etc, and having spent £5-7k tidying it up the company could then sell it to me at its market value, £2.5k-£3k at best. However I thought better about such a flagrant misuse of company funds.

Thanks (1)
Share this content