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Should You Put a Company Car Through Your Own Company?
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In this episode, we explore the pros and cons of putting a company car through your business. We focus on two main types of vehicles: commercial vehicles and electric vehicles (EVs).
Key Points:
•Commercial Vehicles:
•Offer significant tax benefits, including full tax deductions and VAT recovery (if VAT-registered).
•Typically exempt from Benefit-in-Kind (BIK) tax if used exclusively for business.
•Electric Vehicles:
•Benefit from lower BIK tax rates due to their low emissions.
•Eligible for government grants and 100% first-year capital allowances.
•Lower running and maintenance costs compared to traditional fuel vehicles.
•Enhance your business’s green credentials.
Considerations:
•Personal use of company cars can lead to additional taxes (BIK).
•Weigh the cost vs. benefit of owning the car through your business versus personal purchase.
•Choose the right vehicle based on your business needs.
This episode helps business owners make informed decisions about whether putting a vehicle through the company is the right move, especially with the rise of commercial and electric vehicles.
Hello. Welcome to the leaky bucket to podcast. I'm your host in Morgan, and I'm here to make accounting fun and practical. With over 15 years of experience as an accountant and a business owner, I'm excited to share tips and tricks that will help you improve your financial controls and gain the clarity that you need to succeed.
So let's plug these financial leaks and take your business to the next level. Stay tuned for some great insights
Thanks so much for taking the time to join us for this episode today. We will continue to bring you great tips and tricks in future episodes. But if you can't wait until then, then you can always head over to our Facebook group and join the conversation with fellow business owners and entrepreneurs.
Accounting Tips and Tricks Facebook Group - https://www.facebook.com/groups/accounting.tips.and.tricks
Until Next Time...
We hope you enjoyed this episode
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