Buying A Company Car... - GoFuckYourself.com

Darren · 01-08-2004, 11:46 AM

Anyone got any idea how this works? I already own my own car but wanted a more prestige one for the company, can i buy it in the company funds, would i pay insurance on car personally or out of company?? Anyone?

mammy · 01-08-2004, 12:11 PM

sure u can buy it for company
on the company money

people always do so in big companies
for example buying audi for ceos
wv for top managers and skoda for other company workers

in europe countries people act that way

Darren · 01-08-2004, 12:21 PM

Quote:

Originally posted by mammy
sure u can buy it for company
on the company money

people always do so in big companies
for example buying audi for ceos
wv for top managers and skoda for other company workers

in europe countries people act that way

would make sense to me....

JSA Matt · 01-08-2004, 12:22 PM

get a minivan with a huge dick on the side and a bottle of pills.. that would be sweet

doober · 01-08-2004, 12:23 PM

talk toy your accountant, things differ from place to place.
where i come from you can write off a portion or complete if its used 100% for your business. all other records should be kept also. ie: oil changes and maintenance

Darren · 01-08-2004, 12:23 PM

Quote:

Originally posted by doober
talk toy your accountant, things differ from place to place.
where i come from you can write off a portion or complete if its used 100% for your business. all other records should be kept also. ie: oil changes and maintenance

i think i will do that.

xxxoutsourcing · 01-08-2004, 12:28 PM

Have a look a leasing with the option to buy, leasing is a big thing in UK with companies and you can get a company insurance policy, depending on the policy you can get any car any driver full comp, a bit like a motor traders policy.

- AFN - · 01-09-2004, 06:58 AM

tell it to your company that you wanted to buy a much prestige car and your willing to add to their finances

WebTitan · 01-09-2004, 07:01 AM

if i remember correctly, the insurance is the tricky issue. if you are the only driver then it woul be simple, but if there were multiple drivers, then there are a bunch of hoops to jump thru

liquidmoe · 01-09-2004, 07:04 AM

Definitely doable throught the company, did that last year.

WiredGuy · 01-09-2004, 07:17 AM

My car is a company car, but make sure a significant portion is actually used for business related trips or else you could have to pay it as a personal benefit.

WG

SGS · 01-09-2004, 07:40 AM

Quote:

Originally posted by Darren
Anyone got any idea how this works? I already own my own car but wanted a more prestige one for the company, can i buy it in the company funds, would i pay insurance on car personally or out of company?? Anyone?

Speak to your accountant as there are several different tax bands now. The tax on my Jag is £18,000 over three years as it is a 4.2 but the Mercedes deisel is a lot less.

Peaches · 01-09-2004, 09:59 AM

As others have suggested, talk to your accountant. I'm an S corp and I can write off as much as I want on my car w/o having it in the company name. My CPA steered me AWAY from putting it in the company name with America's "sue-happy" mentality as if you're in an accident and the others see a company name attached to the car, the $$$$ start adding up in their heads.

roly · 01-09-2004, 11:12 AM

Quote:

Originally posted by xxxoutsourcing
Have a look a leasing with the option to buy, leasing is a big thing in UK with companies and you can get a company insurance policy, depending on the policy you can get any car any driver full comp, a bit like a motor traders policy.

yeah i've been told business leasing is the way to go, if you're VAT registered. i'm looking into it at the moment myself.

Ben-MensNiche · 01-09-2004, 11:21 AM

Darren, if you NEED it for company use, then you can claim the cost of the car, petrol, oil changes, road fund license and insurance.

You can then only use it up to a certain amount for personal use, and any petrol for personal use has to come out of your own pocket.

If there's going to be personal use of the vehicle, then you can also be taxed on the perceived value of the vehicle in terms of personal use.

Your accountant will be able to give you a full run down. I had the same deal with my last company car when I was still living in England

01-08-2004, 11:46 AM	#1
Darren Confirmed User Join Date: Sep 2001 Posts: 5,994	Buying A Company Car... Anyone got any idea how this works? I already own my own car but wanted a more prestige one for the company, can i buy it in the company funds, would i pay insurance on car personally or out of company?? Anyone? __________________ Penis enlargement / male enhancement pills - earn up to $229.48 per signup ICQ: 46335817

01-08-2004, 12:11 PM	#2
mammy Confirmed User Join Date: Jun 2003 Posts: 2,279	sure u can buy it for company on the company money people always do so in big companies for example buying audi for ceos wv for top managers and skoda for other company workers in europe countries people act that way __________________ million dollars for paysite design icq 434954667

01-08-2004, 12:28 PM	#7
xxxoutsourcing Confirmed User Join Date: Oct 2003 Posts: 3,888	Have a look a leasing with the option to buy, leasing is a big thing in UK with companies and you can get a company insurance policy, depending on the policy you can get any car any driver full comp, a bit like a motor traders policy. __________________ xxxoutsourcing.com ICQ:119936 \| Aim:xxxoutsourcing \| MSN:msn@ xxxoutsourcing.com \| Yahoo:xxxoutsourcing Submitters, Designers, Programmers, Cartoonist, Creative Writers, Video & Photo Editors Convert your Paysite into a cartoon site convert2toons.com

01-09-2004, 06:58 AM	#8
- AFN - Confirmed User Join Date: Jun 2003 Location: NYC Baaaabeee Posts: 3,101	tell it to your company that you wanted to buy a much prestige car and your willing to add to their finances __________________ cat cash* \| tr -d '\r' \| tr -s '/n' > money

01-09-2004, 07:04 AM	#10
liquidmoe Confirmed User Join Date: Mar 2002 Location: NY Posts: 4,994	Definitely doable throught the company, did that last year. __________________ Take Luck!

01-08-2004, 12:22 PM	#4
JSA Matt So Fucking Banned Join Date: Aug 2003 Location: San Diego, CA Posts: 5,464	get a minivan with a huge dick on the side and a bottle of pills.. that would be sweet

01-08-2004, 12:23 PM	#5
doober Confirmed User Join Date: Jul 2003 Location: in yoOoo kitchen Posts: 6,984	talk toy your accountant, things differ from place to place. where i come from you can write off a portion or complete if its used 100% for your business. all other records should be kept also. ie: oil changes and maintenance

01-09-2004, 07:01 AM	#9
WebTitan Confirmed User Join Date: Mar 2003 Location: Western NY Posts: 5,114	if i remember correctly, the insurance is the tricky issue. if you are the only driver then it woul be simple, but if there were multiple drivers, then there are a bunch of hoops to jump thru

01-09-2004, 07:17 AM	#11
WiredGuy Pounding Googlebot Industry Role: Join Date: Aug 2002 Location: Canada Posts: 34,497	My car is a company car, but make sure a significant portion is actually used for business related trips or else you could have to pay it as a personal benefit. WG __________________ I play with Google.

01-09-2004, 09:59 AM	#13
Peaches Old broad Join Date: Oct 2002 Location: Away Posts: 13,933	As others have suggested, talk to your accountant. I'm an S corp and I can write off as much as I want on my car w/o having it in the company name. My CPA steered me AWAY from putting it in the company name with America's "sue-happy" mentality as if you're in an accident and the others see a company name attached to the car, the $$$$ start adding up in their heads.

01-09-2004, 11:21 AM	#15
Ben-MensNiche Confirmed User Join Date: Dec 2003 Location: Victoria, BC, Canada Posts: 726	Darren, if you NEED it for company use, then you can claim the cost of the car, petrol, oil changes, road fund license and insurance. You can then only use it up to a certain amount for personal use, and any petrol for personal use has to come out of your own pocket. If there's going to be personal use of the vehicle, then you can also be taxed on the perceived value of the vehicle in terms of personal use. Your accountant will be able to give you a full run down. I had the same deal with my last company car when I was still living in England __________________ ICQ: 310539245 Email: [email protected]