Buying the van from my company

[DazlerD]

Hi

I wonder if someone could give me some advise please?

I started my Ltd company in 2010-2011 and registered for VAT. I bought a company van and claimed the VAT back. In the first year of trading my accountant depreciated the van by 100%. I have never taken a wage from the company. P35's have always been blank.

The work has dried up and I have a new full time job. I want to take the van out of the company preferably before the end of June, so I only have 3 months on next years P11D and self-assesment.

However I'm unsure of how to do this.

As the van had 100% depreciation in its first year does that mean I can transfer ownership to me without charge, or do I have to buy the van from the company? If so what happens to that money when its sat in the company account, how much can I take out of the company without paying PAYE?

Another question I've just thought of, if the company deregisters from VAT, do I sell the van ex-vat even though I paid vat when buying it?

Thanks for any advise.

Thanks

 

[Scalloway]

You must buy the van from the company at market value. If you deregister for VAT you pay no VAT if your assets (van, stock) are worth less than £5,000.

 

[MyAccountantOnline]

Hi

I wonder if someone could give me some advise please?

I started my Ltd company in 2010-2011 and registered for VAT. I bought a company van and claimed the VAT back. In the first year of trading my accountant depreciated the van by 100%. I have never taken a wage from the company. P35's have always been blank.

The work has dried up and I have a new full time job. I want to take the van out of the company preferably before the end of June, so I only have 3 months on next years P11D and self-assesment.

However I'm unsure of how to do this.

As the van had 100% depreciation in its first year does that mean I can transfer ownership to me without charge, or do I have to buy the van from the company? If so what happens to that money when its sat in the company account, how much can I take out of the company without paying PAYE?

Another question I've just thought of, if the company deregisters from VAT, do I sell the van ex-vat even though I paid vat when buying it?

Thanks for any advise.

Thanks

I'd have a chat with your accountant about your options I assume you are going to close the company down?

 

[DazlerD]

I'd have a chat with your accountant about your options I assume you are going to close the company down?

Yeah i want to close the company.

My accountant is just about to holiday in Australia for a while. I wanted to move things forward and hopefully sell the van before the end of June so it would save a month on P11D

Thanks

 

[MyAccountantOnline]

Yeah i want to close the company.

My accountant is just about to holiday in Australia for a while. I wanted to move things forward and hopefully sell the van before the end of June so it would save a month on P11D

Thanks

Does your accountant not have cover whilst he/she is in Australia?

I assume your company year end is June but that isn't relevant for the P11D, a P11D covers the tax year ie 6 April to 5 April so if you've had the van since 6 April this year a P11D will be required.

 

[DazlerD]

Does your accountant not have cover whilst he/she is in Australia?

I assume your company year end is June but that isn't relevant for the P11D, a P11D covers the tax year ie 6 April to 5 April so if you've had the van since 6 April this year a P11D will be required.

Hes on holiday and works for himself so no one else is available.

I know a P11D will be required hence why I want to sort moving the van to my name before end of June.

Cheers