• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Electric car through Ltd?

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    #91
    business contract lease: VAT impact

    I've received some advice from my accountant, and wanted to validate it here. To claim the VAT back on a business contract lease, does the limited need to be standard rate rather than flat rate. I thought assets over £2k qualify for VAT claim backs, and technically the value of the contract over 3 years is much greater. For example if the initial rental is £20k and future monthly costs are £500 a month, does this not qualify, or is our hand forced to convert to flat rate?

    Comment


      #92
      Is a rent\lease car an asset of the company?
      'CUK forum personality of 2011 - Winner - Yes really!!!!

      Comment


        #93
        Originally posted by northernladuk View Post
        Is a rent\lease car an asset of the company?
        The ownership of the vehicle is in the company’s name not the lease firms name. So seems like a grey area...

        Comment


          #94
          Originally posted by 94bb View Post
          The ownership of the vehicle is in the company’s name not the lease firms name. So seems like a grey area...
          Not according to wikipedia

          Lease - Wikipedia

          Or the first paragraph on this page and so on

          What is Vehicle Leasing? Car Leasing Explained | LeasePlan
          'CUK forum personality of 2011 - Winner - Yes really!!!!

          Comment


            #95
            Originally posted by 94bb View Post
            The ownership of the vehicle is in the company’s name not the lease firms name. So seems like a grey area...
            At the end of the lease without making any final payment, does your company own the vehicle?
            …Maybe we ain’t that young anymore

            Comment


              #96
              Originally posted by WTFH View Post
              At the end of the lease without making any final payment, does your company own the vehicle?
              The car will remain the property of the lease/finance company until the final payment (or any option to buy payment) is made.

              Comment


                #97
                Originally posted by Magpie252 View Post
                The car will remain the property of the lease/finance company until the final payment (or any option to buy payment) is made.
                Exactly, but 94bb seems to think his company already owns it.
                …Maybe we ain’t that young anymore

                Comment


                  #98
                  Originally posted by Magpie252 View Post
                  The car will remain the property of the lease/finance company until the final payment (or any option to buy payment) is made.
                  We know that. Both myself and WFTH have eluded to this to give the OP a hint to rethink but it appears its a bit too subtle.
                  'CUK forum personality of 2011 - Winner - Yes really!!!!

                  Comment


                    #99
                    Plus - don’t be modifying your car

                    BMW cancels YouTuber’s finance after he modifies M4 performance car | Express & Star


                    Sent from my iPhone using Contractor UK Forum

                    Comment


                      Financing a Tesla

                      Aaaand we're back

                      Need a new car and one option is a Tesla, which I'm looking at getting through the Ltd. (The other options are non-EV, which I'd finance personally).
                      Have pinged the accountant an email and awaiting a response - but as they sent a newsletter a few months back about buying EVs via the company I know they're not against it in principal.
                      I'd also apprecite thoughts from the learned community here (and those not so )

                      I'm not planning on closing the ltd down within the lifetime of the car's ownership, but if I were to more than likely I would take the car on personally.

                      So, Tesla offer 3 business options:
                      1. Cash
                      2. PCP
                      3. HP

                      I have cash in the company to buy the car. Additionally, I have another £40k loan reserve that I'm not using at the moment - cheers Rishi
                      I could do PCP, not convinced about HP.

                      Any reason PCP (or HP) is a better alternative than a cash purchase ?

                      Comment

                      Working...
                      X