Tesla LTD company

PeterJames123

Hi,

I have my own LTD company which I’m the director of and no employees. 

I started trading  (Aug 2020) I have sales of £49,192 to date. My expenses (software, hardware, parking, milage, use of home, phone,  etc)  £6,080, I have taken £23,600.00 of Dividends, I have taken £11,750.00 in salary from 25th Aug 2020 to 15th Jan 2020. I currently have a Corp Tax bill of £8,191 (This will be the first I have paid) Corporation Tax Return for 17 Aug 20 - 16 Aug 21 £5,050.20 and Corporation Tax Return for 17 Aug 21 - 31 Mar 22 £3,140.89 And there is currently £9,916 in my business account.

My wife and I are now looking for car which we can share and have been looking at Tesla Model 3, and we will both contribute towards it £250 each, Leasing prices are the same for business and personal £485 - Personal Lease with an £4,551.03 initial rental.  If I was to purchase the lease through my company as I am not VAT registered would I receive any benefits which could lower my corporation tax bill? Also if I was short in my business account to Make the lease payments can my wife pay directly into it?

Thank you. 

Savvy_Sue

Others may have advice, but mine is to speak to your accountant. They will know your business set up, and the best way of doing such things. 

Grumpy_chap

You need the advice from your Accountant.

As you operate as Ltd Company, I don't think the apportionment of percent private use applies as it would if you were sole-trader.

AIUI, if you have a company Tesla, the full amount can be written down in the first year and your BIK is very low.  That would be for buying the car - not applicable if you lease as you suggest.

The proposal that your wife pays half the lease cost is an added complexity that I think is best avoided.  You could achieve much the same end outcome by you drawing less dividend and your wife making that contribution to the personal spending accounts however you manage these.