Vehicle reg in company name

[aitch]

Is there are advantage or otherwise to putting my pick up in the business name. I'm a sole trader and don't know wether to have it in my own name or add on the business name.

 

Cheers

[Robert_S]

nope, unless your ltd. well thats my take on it, I'm sure someone will be along soon with the rules and regs of it all

[Billy68]

Makes no difference as you are a sole trader

[richy_B]

It'll make a big difference to your insurance cost. I found in a limited company name it was twice my own.

 

The V5 is also just the 'registered keeper' so makes no difference on who actually owns it.

[monkeybusiness]

It can have a relevance if you are VAT registered and come to sell it on to another VAT registered business - they need to be certain that the vehicle they are buying is actually an asset of your business to be able to subsequently claim the vat back. I've just had this with a pickup I sold to webuyanycar (unbelievably they gave me more money for it than anyone else would!) - the truck was registered in my name but owned by my ltd company and it nearly scuppered the sale.

[richy_B]

It can have a relevance if you are VAT registered and come to sell it on to another VAT registered business - they need to be certain that the vehicle they are buying is actually an asset of your business to be able to subsequently claim the vat back. I've just had this with a pickup I sold to webuyanycar (unbelievably they gave me more money for it than anyone else would!) - the truck was registered in my name but owned by my ltd company and it nearly scuppered the sale.

 

That's odd because it the V5 clearly states on the front it is not evidence of ownership. Surely it's all about the name and VAT number on the invoice. I suppose all companies are different and they might have a policy on it...

[monkeybusiness]

That's odd because it the V5 clearly states on the front it is not evidence of ownership. Surely it's all about the name and VAT number on the invoice. I suppose all companies are different and they might have a policy on it...

 

That's what I was saying to them at the point of sale, but they weren't interested. They run their own billing system so I never actually gave them an invoice for my truck (although they obviously took my VAT and Company numbers) - it might just be a peculiarity to that particular company as you say.

[aspenarb]

Is there are advantage or otherwise to putting my pick up in the business name. I'm a sole trader and don't know wether to have it in my own name or add on the business name.

 

Cheers

 

Put the ownership of the truck in your own name and registered keeper in the business/trading name. If I had our lot in my personal name I would have a million points on my license by now instead of none.

 

Bob

[skyhuck]

Put the ownership of the truck in your own name and registered keeper in the business/trading name. If I had our lot in my personal name I would have a million points on my license by now instead of none.

 

Bob

 

Not really, points go on the driver licence, not the owners.

[aspenarb]

Not really, points go on the driver licence, not the owners.

 

Thats where the trouble starts Sky. As we are with the company name being the reg keeper the speeding, jumped lights, bus lane and other camera issued tickets turn up here in the company name not mine. They request drivers details some 6 to 8 weeks after the event which for us is an impossible situation. Even if we knew who took the vehicle out of the gate on the day we could not guarantee one of the other lads has not jumped into it and gone down the road and committed the offense . We request photographic evidence when we send in the forms to assist us in identifying the driver, 99% of the time they send in a shot of the rear of the vehicle which is useless. We inform them in writing this is not adequate and its the last we ever hear of it, if I was the registered keeper personally I know the bun fight would carry on until they could land the fine and points onto me. Hence registered keeper in the trading name, believe me its best.

 

Bob