Hi I'm considering purchasing a van as I may have to travel to one temporary place of work or carry IT Equipment
I'm likely to register for VAT shortly and as most of the benefit of the flat rate scheme seems to have gone away, just register normally
The van would be a a ford transit custom, registered as a van e.g. no windows, extra seats, registration N1 or N2.
I have a separate vehicle at home for private use - I could either use the company van for private use and pay for fuel or pay the benefit in kind?
My assumptions are that:
- I would not have to pay VAT on purchase
- I would have to account for depreciation each year - is there a good measure to use for vans?
- After a number of years (3, I have in mind) - the van could be sold to a director at the depreciated value and VAT would have to be paid on the sale price.
My questions are:
Can the benefit in kind charge and the national insurance charge simply not apply by keeping good records of private miles and paying for fuel (the 30 day or pool use provisions do not match the way my business works?
Can I put money into my ltd via directors loan if there is insufficient funds at the time of purchase to buy the van?
Any other comments or suggestions?
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