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Francois is a writer, editor and broadcaster specialising in business.
I have a question.
A company buys a utility vehicle for its business. However the vehicle is not in the name of the company, it is in the name of the director. The company is using the vehicle for business purpose. My question is, can we treat the purchase of the vehicle as a fixed assets in the company's balance sheet? or we cannot because it is legally registered in the name of the director?
Thank you in advance.
One thread, but a few perspectives I would have thought.
Who was the purchaser per the contract to buy the vehicle?
Who actually paid for it or gave legal consideration?
DVLA V5 document clearly states the registered person/entity is the registered Keeper and not 'necessarily' the owner.
Is the company (i.e. more employees than the director and to a significant extent) actually using the vehicle, or is it in practice actually being used (exclusively) by the director?
Thanks for the comment. For this and future questions you may find you'll get more answers on our dedicated Any Answers forum - here's the link: https://www.accountingweb.co.uk/any-answers
All the best,