WeBuyAnyVan - Good for valuation when buying company van personally?

[coolhandluke]

I would like to buy the company van personally and wondered if anyone else had used a quote from the likes of WeBuyAnyCar / Van as the valuation? VW Dealers are selling similar vans for 13k plus VAT. I've been quoted 9k from WeBuyAnyVan

There are no adverts from private sellers on AutoTrader to use as a comparison.

[Old Greg]

I would like to buy the company van personally and wondered if anyone else had used a quote from the likes of WeBuyAnyCar / Van as the valuation? VW Dealers are selling similar vans for 13k plus VAT. I've been quoted 9k from WeBuyAnyVan

There are no adverts from private sellers on AutoTrader to use as a comparison.

Presumably WeBuyAnyVan buy below market price, and it suits you for tax reasons to pick that valuation? Sorry to sound negative or snarky, but that's what it looks like. In the absence of an agreed formula, I would average the two figures to 11k (what it would cost you to buy and what the company would get for it).

[malvolio]

Surely the price is the current written down value in your accounts plus £1... You're not buying on the open market, you're buying a company asset.

[coolhandluke]

Nothing snarky at all I would like to pay the lowest price!

[coolhandluke]

Surely the price is the current written down value in your accounts plus £1... You're not buying on the open market, you're buying a company asset.

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

[ladymuck]

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

You mean you didn't go to them first?

[Old Greg]

Surely the price is the current written down value in your accounts plus £1... You're not buying on the open market, you're buying a company asset.

Market value, I think, or a BIK would arise.

EIM21655 - Employment Income Manual - HMRC internal manual - GOV.UK

But asking accountant is sensible.

[coolhandluke]

They take a couple of days to respond now they are working remotely. Plus it's always good to hear other contractors experiences too as sometimes my accountant will suggest the option that means less work for themselves.

I've pinged them a message and will update the thread when I get their reply.

[Paralytic]

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

I'm surprised no-one has suggested this.

No, in fact, I'm surprised someone (specifically) didn't suggest this

[northernladuk]

I'm surprised no-one has suggested this.

No, in fact, I'm surprised someone (specifically) didn't suggest this

Damned if I do and damned if I don't