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Transferring my new electric car to a newly formed limited company
-
parsnipmow
- Posts:2
- Joined:Wed Aug 26, 2009 10:32 pm
Presently operating as a Partnership and about to change our status to a Limited Company later this month. I have just bought a new electric car (from my earnings and in my name) in the last couple of weeks and was wondering if it is too late to transfer the car to the new company when it is formed to be able to claim the first year enhanced capital allowance as it is primarily used for business use (around 85-90%)? Any light that could be shed on this would be greatly appreciated.
Re: Transferring my new electric car to a newly formed limited company
No. One of the conditions for 'first year allowances' is that the asset must be new and unused which won't be the case. Have you also considered the balancing charge that may arise in the partnership accounts?
