Business car

[mrjonathanbrown]

Hi

Is it possible to transfer ownership of my personal car to my business? So the business owns the car and is responsible for tax, insurance etc.

The car is used for driving to meetings, local depot and from home to work.


Thanks.

 

[STDFR33]

Are you a company or sole trader?

 

[mrjonathanbrown]

A company, private limited.

 

[STDFR33]

You can transfer ownership.

But then the car will be a benefit and you'll be taxed on it.

 

[mrjonathanbrown]

The Accountancy Lab thanks i'm a tad confused by what you mean it will be a benefit and I will be taxed on it? is there somewhere online I can find out more?

Thank you for your time on this.

 

[STDFR33]

https://www.gov.uk/calculate-tax-on-company-cars

https://www.citizensadvice.org.uk/debt-and-money/tax/what-is-taxable-income/tax-on-benefits-in-kind/

 

[mrjonathanbrown]

The Accountancy Lab thanks appreciate your help. Currently I'm not an employer. I receive a wage under £112 a week. I need to contact HMRC once I start receiving more than £112 per week.

with this do I still need to calculate the tax on the company car?

 

[STDFR33]

Yes.

 

[Scalloway]

Just get the company to pay you 45p per business mile.

https://www.gov.uk/tax-relief-for-employees/business-mileage-fuel-costs