HELP NEEDED - can a ltd company buy a company car, pay mileage or get a compnay car?

nmuddie

Hi - my husband owns a ltd company and i work for him, in the past i have claimed mileage on my own car but we are now buying a range rover sport (2nd hand for £27,000) we are funding it by trading 2 of our personal cars and some extra cash - but need to know if their is anywhere where i can find out the best way,
a) get it as a company car? - what would we have to pay/company pay etc?
b) buy it as a poole car for myself and husband - both employees - although our home is our registered address?
c)buy it personally and claim mileage?
d) the implications of paying ourself a car allowance?

many many thanks in advance for any help/guidance

HappyMJ

It's not really a benefits question but anyway...
A is not a good option. If you had the cash and gave it to the company then the company then goes bankrupt the car is then a company asset and would be sold to pay the debts of the company. You could lease a car through the company but in both cases you would have to pay additional tax which outweighs the benefits in most cases.
B is not going to work....works in big companies but not small ones.
C perfect and easy. 40p for the first 10,000 miles then 25p therafter. Asset remains yours whatever happens to the company.
D bad as it's taxable

Hammyman

A) As above. Also when you sell it, the company will pay tax on the sale.
No comment to add to above
C) Definitely best way and also gets you the most money in your pocket.
D) Nothing to add to above.