Help on a company car please.

[Treble 2]

Hi,

I've been here for a little while now and have made some good contacts and have improved and have been inspired to do many things to improve our business further.

To breifly bring people up to speed who we are, we are a small film production company that specialises in motorsport.

As we are trying to push our names out there further and be recognised in the market we are in, we are thinking about buying a car for the company.

It would be a fast car in tune to the market of our customers but also act as a advertising tool to let people know who we are and what events we are attending.

I was just wondering as it is going to be bought through the company what do i need to organise for this?

The obvious are:

MOT & Insurance

I would like to get a view of others as many people as there is always a something that crops up that I have never of thought of doing.

Thanks in advance, I look forward to help.

Darryl

 

[Gillie]

Why buy it?

Have you asked your Accountant or advisor about tax implications etc??

 

[Treble 2]

Why buy it?

Why?

As we are a motorsport media production house it's the best way to do so. Because we want to use it as a track day machine for drivers to drive and see how they compare to others.

Also the car will be driven at high speeds around tracks within the UK also it would be highly tuned and modified. It won't be a car that you can get as a factory standard and will be a special import from japan.

It would be individual and would also act as a promotional tool.

Have you asked your Accountant or advisor about tax implications etc??

No, not yet. This was our first port of call to see what people would think.

Thanks for replying.

 

[Gillie]

Why buy? I meant tax wise if you are a limited vat registered company leasing is more tax efficient than buying .... options you would discuss with your Accountant.

 

[Treble 2]

Why buy? I meant tax wise if you are a limited vat registered company leasing is more tax efficient than buying .... options you would discuss with your Accountant.

I don't think that there is anywhere that would lease the car we are after.

Mazda RX7FD3S

I shall speak to the accountant.

 

[estwig]

Oh!!
Once you have the car, it should definitely be test driven first, by some competent UKBF forum members!!!

 

[Gillie]

I don't think that there is anywhere that would lease the car we are after.

Mazda RX7FD3S

Er ... you didnt ask me ... all things are possible

 

[templarmc]

Don't underestimate the power of the Gill!

The leasing market is massive, and flexible these days, after all - it is an asset to your company isn't it?

Just because firms don't advertise openly, or a product is unique like yours is, doesn't mean it can't be done - where there's a will, etc.

Bagsy twos-up for a cabby .............

 

I like the idea, but would definitely look at the leasing......

Shameless plug for Gill

 

[Treble 2]

Gill you have another email!

Thanks again.

 

[Shay]

Any car can be leased, doesn't matter what it is. Just a case of finding out who will do it. Most lease companies have restrictions as to who can lease. For example Jockeys are a big no-no for some companies and I would bet quite a few would walk away from the track day scenario too but someone possibly involved in that arena would entertain it.

 

[Gillie]

Yep, at Oak we pride ourselves in our hand held approach and if its something we can't do we tell you upfront .... mind we also love a challenge and I'm happy to say we rarely fail!!

 

[Ambika]

It wouldn't be anywhere near a company car / rep car!

What if you want to up the power / handling / brakes. Will the lease cover this?

And does anybody here actually know what a JDM FD3S is?

Companies only like grey imports at the right price as it is.
Even with insurance - you must have EVERY modification declared, an agreed value with full trackday cover.

And what happens to the lease when it inevitably goes pop?

Treble 2 - Tripple 5?

 

[Gillie]

To lease a car, you don't need to pick one off the garage forecourt as in company car etc .... variations are allowed!! Heck!

 

[Treble 2]

It wouldn't be anywhere near a company car / rep car!

What if you want to up the power / handling / brakes. Will the lease cover this?

And does anybody here actually know what a JDM FD3S is?

Companies only like grey imports at the right price as it is.
Even with insurance - you must have EVERY modification declared, an agreed value with full trackday cover.

And what happens to the lease when it inevitably goes pop?

Treble 2 - Tripple 5?

Hi Sukhi,

Thanks for replying.

It's nowhere near a car that you can purchase off any dealership nor any normal company car.

The thing would I presume that you're right in regards to know something about Japanese cars you've said, 'JDM'.

It is a very specialised car and then to be modified for fast road/track is pushing it to have less of a chance to be leased.

I await to hear from Gill

btw, tripple 5? I don't understand, sorry.

Darryl