Vehicles, register in company name or personal?

[QuattroKev]

New to the self employed lark.

 

Got my first truck last year before I got serious, so its registered in my name.

 

Now the company is legit, I am looking at getting another.

 

Looking at policies, what are the pros and cons of registering a vehicle in the name of the company?

 

Is this necessary if i'm going to write off the tax?

 

Cheers

[skyhuck]

Are you a limited Co??

[QuattroKev]

Sole trader

[skyhuck]

In which case YOU are the business so I can't see it will make any difference.

[Kev Stephenson]

As sole trader it isn't worth it. You are effectively QuattroKev trading as Lindford Tree Services. As skyhook says you are the business. This changes if you run a limited company as you then become an employee of your limited company and would use a company vehicle or possibly be provided with a company car. As a limited company there are tax implications to using the same vehicle for business and private use (you are taxed for private use), as a sole trader you can only claim for the percentage of the time the truck is used for the business.

[aspenarb]

New to the self employed lark.

 

Got my first truck last year before I got serious, so its registered in my name.

 

Now the company is legit, I am looking at getting another.

 

Looking at policies, what are the pros and cons of registering a vehicle in the name of the company?

 

Is this necessary if i'm going to write off the tax?

 

Cheers

 

My advice would be put yourself down as the registered owner and put your trading name down as the registered keeper. Its so much easier to deal with employees motoring offenses if you keep your name out of it.

 

Bob

[richy_B]

I agree with Bob. If anyone else drives your vehicle then keep your name off it. I had a guy roll my ford ranger and the policy was in my name so now I have a fault accident on my record for 5 years. This affects my business vehicle insurance, my personal cars and motorbike so overall it has f*cked me for ages!

 

I had originally put the insurance and V5 in my own name to save money (a company register vehicle is generally going to be more expensive for insurance - around 50% more in my experience). Probably saved £400 by doing so, although not in retrospect! When you 'apply' for insurance as well they will ask who are you the registered keeper so its best to keep everything in one name (yours or the company) and just tell the truth. I'm all for saving money but sometimes it just isn't worth chancing it. If you are in a crash you certainly do not want to have invalid insurance.

[QuattroKev]

It will just be me driving it 99% of the time and the Mrs occasionally if her car is off the road. Cant afford 50% extra!

 

My name it is,

 

Thanks for the help