WeBuyAnyVan - Good for valuation when buying company van personally?

[northernladuk]

WeBuyAnyCar / Van as the valuation? .

WBAC is not a tool for gauging prices of stuff. I'm guessing the fact you think it's a good idea you've never sold a car to these people. If you did you'll know generally their prices are pretty low and to make matters worse the actual cost when you do the deal will be much lower due to their factoring they do when you get there. Awful way to try and estimate the price you want to pay for a van.

I did think about this. Should really just email my accountant!

Why not ring them?

They take a couple of days to respond now they are working remotely.

Why does working remotely mean their response times have changed? Is their internet at home slower or something? You've been proper fobbed off there and you've fallen for it. Just because they are at home the service they provide should not extend to days to respond. Pick up the phone and when they answer it (which they should as they are still providing you a service, not a degraded one from home) ask them about the van and also ask them to explain why you have to pay the same for a degraded service that's just being run from home rather than an office.

Don't like the pull your pants down like this.

[Lance]

You could buy the van at the lowest price, then "fix it up" at personal cost
Who's to say that it was an unfair valuation at the time. Especially if an investigation comes 3 years down the line.

Seriously though....
Use the lowest, justifiable price. I don't see a problem with using a WeBuyAnyVan price. At the end of the day you're not a van salesman. And if you don't know how to sell vans, then WBAV is a perfectly valid place to look. If you went to a dealer to sell they'd not necessarily offer you any more anyway.
And if your accountant tells you different I'd want to know how they suggest you get a valuation.

[Old Greg]

You could buy the van at the lowest price, then "fix it up" at personal cost
Who's to say that it was an unfair valuation at the time. Especially if an investigation comes 3 years down the line.

Seriously though....
Use the lowest, justifiable price. I don't see a problem with using a WeBuyAnyVan price. At the end of the day you're not a van salesman. And if you don't know how to sell vans, then WBAV is a perfectly valid place to look. If you went to a dealer to sell they'd not necessarily offer you any more anyway.
And if your accountant tells you different I'd want to know how they suggest you get a valuation.

It could get some nasty scratches before selling it on.

Seriously though... wouldn't you look on Parkers?

[Lance]

It could get some nasty scratches before selling it on.

Seriously though... wouldn't you look on Parkers?

Someone who knows what they’re doing might.
WBAV will provide a formal quote. I can’t see HMRC having too much problem with that.
I doubt if Parker’s price for a trade sale would differ that much to WBAV. It might conceivably be lower as WBAV will ‘offer’ a good price straight up that will come down when they inspect.

[Old Greg]

Someone who knows what they’re doing might.
WBAV will provide a formal quote. I can’t see HMRC having too much problem with that.
I doubt if Parker’s price for a trade sale would differ that much to WBAV. It might conceivably be lower as WBAV will ‘offer’ a good price straight up that will come down when they inspect.

So let WBAV inspect first? I like it.

[Lance]

So let WBAV inspect first? I like it.

and point out everything they missed. They're not very good IMO.
Great place to sell a clean looking car with loads of underlying problems.

[Old Greg]

Or put it in a poorly attended auction and buy it yourself.

[TheDogsNads]

Selling a company asset below the market value, especially to yourself, will be a red flag if HMRC ever do an investigation.

WBAV is not an indication of the market price for a vehicle or company asset. It is a company buying 'unwanted' vehicles off people who dont want them anymore \ CBA to advertise and sell them. Ergo, all WBAV's price indicates is that for a quick disposal price not sale price. They'd have the van up for sale via one of their outlets with anything between £2000 to £5000 mark up depending on condition. That's the real valuation not WBAV's offer to buy.

In other words, they give you less than full market price in exchange for quick disposal. Anyone who believes scholfields 'you might get 1200 pounds more' blah, blah,blah, is a bit of a divvie.

Personally, Id use a proper vehicle valuation site rather than what WBAV says they would give you.

[Lance]

Selling a company asset below the market value, especially to yourself, will be a red flag if HMRC ever do an investigation.

WBAV is not an indication of the market price for a vehicle or company asset. It is a company buying 'unwanted' vehicles off people who dont want them anymore \ CBA to advertise and sell them. Ergo, all WBAV's price indicates is that for a quick disposal price not sale price. They'd have the van up for sale via one of their outlets with anything between £2000 to £5000 mark up depending on condition. That's the real valuation not WBAV's offer to buy.

In other words, they give you less than full market price in exchange for quick disposal. Anyone who believes scholfields 'you might get 1200 pounds more' blah, blah,blah, is a bit of a divvie.

Personally, Id use a proper vehicle valuation site rather than what WBAV says they would give you.

I disagree.
Any item has a sale price to the trade and a sale price to the public. Both are fair valuations.
There is nothing in fair market that says you have to use the price to the public rather than the price to the trade. We don't live in a society where the government sets the price.

HMRC will be interested if you sell a £50k car to yourself for £5k. Not if you sell a van that's top book price might be £9,000 to yourself for the bottom book price of £7,000. Especially as that in three years time, when they are looking, the book price will be more like £2,000 and the state of the vehicle is unknown.

[Old Greg]

I disagree.
Any item has a sale price to the trade and a sale price to the public. Both are fair valuations.
There is nothing in fair market that says you have to use the price to the public rather than the price to the trade. We don't live in a society where the government sets the price.

HMRC will be interested if you sell a £50k car to yourself for £5k. Not if you sell a van that's top book price might be £9,000 to yourself for the bottom book price of £7,000. Especially as that in three years time, when they are looking, the book price will be more like £2,000 and the state of the vehicle is unknown.

BIK is about whether the employee or Director has benefited personally. Buying it cheaper than you could buy it elsewhere is a benefit. So the correct value to use is the value of selling it to a member of the public. Essentially, you're saying that you will get away with it as HMRC won't be bothered. You may be right and that's a valid viewpoint, but the benefit still exists IMO. I guess we all take the approach that we're most comfortable with (for whatever reason)/