Boat purchase through limited company

[matlob]

Hi

I run a limited company (marketing) and am looking into purchasing a narrow boat and hiring it out.

Can i purchase this through my business or will i need to set up a new business. I'm currently vat registered on flat vat rate scheme. Could I somehow setup a new business for the boat alone but use the money from the existing business.

The boat may need some work and be worth 10k more than when I purchase it although I have no intention to sell if I can run as a successful rental boat

I will obviously also use the boat for personal use when not rented out. I have surplus cash in business not doing anything so using it would be beneficial

Any help appreciated.

Thanks

 

[STDFR33]

Take advice from your accountant before purchasing anything.

If you put it through the company, you may have a hefty BIK!

 

[Alyson Dyer]

Have you looked into the safety requirements for a hire boat? They are much stricter than those for the same boat for personal use.
Also the licence requred is different and more expensive. More info here: https://canalrivertrust.org.uk/busi...-expanding-a-boating-business/self-drive-hire