Transferring ownership of a company van

Discussion in 'General Business Forum' started by Edisoneb, Aug 14, 2019.

  1. Edisoneb

    Edisoneb UKBF Newcomer Free Member

    22 0
    Just a quick question: our limited company makes use of a van currently still owned by an old company, which is currently winding down and hopefully soon will be struck off.

    Would there be any implications of the van being transferred ownership onto the new company?

    The old company is no longer trading and unable to pay tax bill, new business had no connection to old director other than him working for it.
     
    Posted: Aug 14, 2019 By: Edisoneb Member since: Jul 3, 2019
    #1
  2. ImranR

    ImranR UKBF Contributor Free Member

    46 5
    Did you pay for the van? And do you still have proof of purchase? If so, I don't think you'll have an issue.

    I'm not a Insolvency expert but if the Van wasn't sold to you and you've merely taken it, I'd expect they'd want it back.

    I am however an insurance expert and can tell you that your van insurance cover is pretty much null and void based on the contents of your post alone.

    Cheers.
     
    Posted: Aug 14, 2019 By: ImranR Member since: Nov 8, 2018
    #2
  3. STDFR33

    STDFR33 UKBF Big Shot Free Member

    3,834 951
    When the company sells the van at market value to the new company, there will be money available to pay towards the taxes owed.
     
    Posted: Aug 14, 2019 By: STDFR33 Member since: Aug 7, 2016
    #3
  4. I_DO_MARKETING

    I_DO_MARKETING UKBF Regular Free Member

    393 104
    Didn't the old company write the van off and sell it to the new company for 25 quid ( including vat) for scrap?

    Asking for a tax avoiding friend.
     
    Posted: Aug 15, 2019 By: I_DO_MARKETING Member since: Oct 24, 2015
    #4