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Post Info TOPIC: Company Van
Georgie


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Hi everybody,

I have my first "white van man" client who runs his own limited company. I am unfamiliar with the up todate tax implications etc, so need to read up on it.. I have been on the HMRC website but can't find what I am looking for. Can anyone point me in the right direction? i.e facts and figures etc?

Georgie



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Amanda


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What type of company does he run, is he a subby or courier maybe, or something else?



-- Edited by Amanda on Thursday 5th of September 2013 10:34:35 PM

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MarkS


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What is it that you want to know?  Need to be more specific?

Regards

Mark



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NickCraggs


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big question is:  who owns the van?

We could do with a bit more information on this one.

Nick



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Georgie


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Morning Guys,

Thanks for the help with this. He is an electrician, owns his own limited company and he owns the van. He doesn't do any private miles in it.

Georgie

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FoxAccountancyServices


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If this is the case, there are no tax implications. You would claim all van costs, as well as capital allowances (the van is plant)

HTH

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Georgie


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Thanks Michelle. And IF he uses the van for private use do I apportion the fuel, repairs etc to the business only?

Georgie

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GJRobbins


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Georgie wrote:

Thanks Michelle. And IF he uses the van for private use do I apportion the fuel, repairs etc to the business only?

Georgie

Hi Georgie

Can you confirm if he or the limited company own the van.. "owns his own limited company and he owns the van"

If it is the limited company then ensure he does no private miles, unless he wants his van classed as a P11d benefit... 

If he owns the van himself then the costs should go to drawings and he should claim a mileage rate as expenses.

Hope that helps

 

 

 



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Georgie


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Right OK, now I am not so sure whether he or the company owns the van. I will have to ask him to confirm. Why can't I find a help sheet for company vans with all the info on it...unless I'm not looking hard enough!

Georgie

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FoxAccountancyServices


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A while ago, I asked the question of ownership on another website, and here is what was said...

"The V5 certificate (the log book) being in the name of the individual is not in any way determinitive. The V5 shows the name of the registered keeper (not the owner) of the vehicle, which should, as a matter of law, be the real person that keeps the vehicle."

I think as long as the van is treated as business asset from introduction to disposal, HMRC would not have an issue about the name it was held in.

Incidental private miles are allowable - see here

www.hmrc.gov.uk/manuals/vitmanual/VIT56300.htm





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Georgie


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OK, thanks for help

Georgie

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