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?

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....

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

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.

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.

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

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

Definitely doable throught the company, did that last year.

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

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.

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. :mad:

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.

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