Advice on Self Employed, Buying A New(er) Car for Mrs - Pool Car Maybe ??

[Frosties]

Hiya fellas,


As per title, looking to buy a new car but with a twist.


I'm a Ltd company, VAT registered with both myself and the Mrs as Directors - the Mrs also being the company secretary.


Was wondering if there are any good (legit) ways of buying the Mrs a new car which would be either declared as a Pool car or a company car. Naturally looking for the little loop holes but looking to spend around £10 - £13k. Any advice on what would be the best way and how much can be claimed back etc.


Cheers in advance for any advice 

[sinto]

https://www.gov.uk/expenses-if-youre-self-employed/overview


https://www.gov.uk/simpler-income-tax-simplified-expenses/vehicles-

[Frosties]

Cheers for that Sinto but those Government tax allowance pages just confuse me. Am really looking for laymans terms and figures based upon either a £13k purchase or some sort of Lease/Contract hire or PCP.

[darrsi]

Can't blame you mate, always wanted one myself!

[sinto]

Cheers for that Sinto but those Government tax allowance pages just confuse me. Am really looking for laymans terms and figures based upon either a £13k purchase or some sort of Lease/Contract hire or PCP.

No probs Frosties, was actually on there site looking for other stuff. But your right, they're pages seem to confuse matters

[locksmith]

I thought if you had a ltd company you are not "self employed" ?

Think your accountant is the person you should be talking to?

[celticdog]

How about buying a small van?

[Frosties]

I thought if you had a ltd company you are not "self employed" ?

Bugger - you're right - I only earn a pittance on paper as an employee. But THE COMPANY should be able to have a pool car......I think.

How about buying a small van?

I did mention it to the Mrs but she wasn't keen for some reason - fussy cow 

[sinto]

I might be wrong (probably)......
But I think you can claim more for your car if it has your company logo on it?
This could be a magnetic sign that you can take off when your going out for your meal of which you should be able to claim back on expenses etc. Win win

[Oldgit]

your best leasing a "company" car from one of the dealers, then you can claim VAT back on your fuel plus your accountant can claim the car lease money back on your company accounts each year.
Been there, done it, wore the T shirt.

[Val]

your best leasing a "company" car from one of the dealers, then you can claim VAT back on your fuel plus your accountant can claim the car lease money back on your company accounts each year.
Been there, done it, wore the T shirt.

Careful here getting a car as a company asset under full cost scheme - in simple terms your ltd to own the company car, you can remove the company car cost from your profits is risky. Because is company car then at the end of the year you need to handle ALL Mrs personal trips (not business ones) as "benefits" and to add them to your tax calculation. Even Mrs going to the office as a secretary is classed as her personal trip going to work. Business trip is anything that relates to your company business only.

Means the best and the simple way is to just claim 45p a mile the way Sinto has shown.

All details here:

http://www.kfaccounting.co.uk/claiming-business-motor-expenses/

If your accountant cannot give you simple answer for that, probably you have lame one and are loosing money from taxes 

Speak with him/her...

[Frosties]

your best leasing a "company" car from one of the dealers, then you can claim VAT back on your fuel plus your accountant can claim the car lease money back on your company accounts each year.
Been there, done it, wore the T shirt.

Exactly the info I was after - cheers for that   Am also VAT registered so any fuel receipt will count.


Cheers again fellas for the advice.

[noggythenog]

your best leasing a "company" car from one of the dealers, then you can claim VAT back on your fuel plus your accountant can claim the car lease money back on your company accounts each year.
Been there, done it, wore the T shirt.

Exactly the info I was after - cheers for that   Am also VAT registered so any fuel receipt will count.


Cheers again fellas for the advice.

Is there a maximum you can claim back each year????.......only coz my company, the managers get an 8k per year company car allowance & knowing them they wouldnt have just plucked that figure outta the air............basically they then take out a 3 year deal with a garage say over 3 years so that they can in effect end up owning a car originally costing (3x8) 24 grand........worth looking into the niggly bits like that

[noggythenog]

Basically Frosties promised his missus a car..........and got 3 bikes instead..........now he is panicking

[Frosties]

Basically Frosties promised his missus a car..........and got 3 bikes instead..........now he is panicking

    Busted !! Can you believe she said NO to another - cow bag 

She wants an S - Max, I keep telling her she actually needs a Jag or an RS6.

[the cueball]

I have a RS6 as my "pool" car....

 

[Frosties]

I have a RS6 as my "pool" car....

 

You've no idea how feckin pleased and chuffed for you i am fella 


I need to think this through properly before getting myself her an RS6 LIMITED FECKIN EDITION

[sinto]

I have a RS6 as my "pool" car....

 

You've no idea how feckin pleased and chuffed for you i am fella 


I need to think this through properly before getting myself her an RS6 LIMITED FECKIN EDITION

[the cueball]

You've no idea how feckin pleased and chuffed for you i am fella 


I need to think this through properly before getting myself her an RS6 LIMITED FECKIN EDITION

 


I'll just leave this here....

[Millietant]

your best leasing a "company" car from one of the dealers, then you can claim VAT back on your fuel plus your accountant can claim the car lease money back on your company accounts each year.
Been there, done it, wore the T shirt.

Exactly the info I was after - cheers for that   Am also VAT registered so any fuel receipt will count.


Cheers again fellas for the advice.

Be careful, HMRC are not stupid - and there are strings to claiming VAT back on personal fuel expenses.


As well as having a full time job, I run a small business on the side as a sole trader - HMRC have gone over my small business accounts and claims with a fine toothed comb in the last 6 months - and luckily, I've never claimed for anything I couldn't fully justify.


My advice - ask your accountant, not us amateurs.