Buying small VAN for LTD - owner and register keeper implications

vanLTD

Hi all, 

We want to buy small van and register for LTD courier business as a owner and register keeper, but the insurance prices are shocking (£3k and above).

Much cheaper is to insure van as LTD owned but myself as a register keeper.

Can someone shed a light how this impact transactions like fuel costs, repairs, VAT, tax and liability in case of accident etc?

Sandtree

Presumably you are specifying the LTD as the policyholder?

I'd be speaking to your broker as with the LTD as the policyholder I'd be expecting the premiums to be lower if the LTD is also the registered keeper.

Always check anything like this with your accountant but if the company owns the van and its operated purely for business purposes I cannot see why having a director as the registered keeper would make any difference other than possibly causing the tyres to be kicked on if it really is a 100% business use vehicle.

Grumpy_chap

vanLTD said:

We want to buy small van and register for LTD courier business as a owner and register keeper, but the insurance prices are shocking (£3k and above).

Much cheaper is to insure van as LTD owned but myself as a register keeper.

Assuming that this van is additional to any other vehicles so that there is no NCD to apply to the policy AND wanting to use it for courier work, I'd expect the premium to be steep however this is done.

I assume if you are RK, then the cheaper policy is in your name, not the Ltd Co.

Ask your Accountant for any tax implications, but it should be possible to have the vehicle company owned and RK / insured in your name.  My last company car was similar (company leased but I was listed as RK and insured in my name), except that was a few years back now and the rules may have changed.

Do any of the comments in this thread help?
https://forums.moneysavingexpert.com/discussion/6161518/commercial-van-insurance-ltd-owned#latest

vanLTD

Ok, so the alterative is to insure Van as follow:

Register Keeper - LTD
Policyholder - driver name (director)

Does it make huge difference if policyholder is not a LTD but a named driver?

What is the actual difference between 2 options given above? Any financial/tax implications?

ontheroad1970

Make sure you  have Goods in Transit insurance, without that you'll struggle to get jobs/loads

vanLTD

Sure, that will be sorted and bough on top on van insurance. 

vanLTD

Ok, so the alterative is to insure Van as follow:

Register Keeper - LTD
Policyholder - driver name (director)

Does it make huge difference if policyholder is not a LTD but a named driver?

What is the actual difference between 2 options given above? Any financial/tax implications?