I have decided that it would be cheaper for me to turn my company car into a private car. I believe that I can gift the car to myself from the company. The consequences of this are that the car can be take out of its pool at market value with and there will be a balancing allowance. I will be taxed on the market value of the car and the company will pay NIC on this amount.
Is there any better way of me achieving a transfer of the company car into my own name?
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