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Old 15.04.2019, 18:35
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company car - buying/selling

Hello,

I am in the process of buying a car under the name of my company. I am a newly independent and hence this is the first time. The car however will be used a lot for private matters.

While the process of buying seems rather clear to me (I buy in the company name, all expenses are covered by the company, I add 0.8% to my income), I am less certain about the selling process later on.

- anything special about selling the car as a company vs. as private? I know about VAT...

- Could I take the car over in my name (private) if I want to later on? If I want to own it privately after one year - at what price? The book value of the car (e.g. 40% written off?)? The Eurotax value? A random number?


Anything else that I should know about owning a company car?

Thanks in advance for all input
grani
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Old 15.04.2019, 18:51
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Re: company car - buying/selling

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Hello,

I am in the process of buying a car under the name of my company. I am a newly independent and hence this is the first time. The car however will be used a lot for private matters.

While the process of buying seems rather clear to me (I buy in the company name, all expenses are covered by the company, I add 0.8% to my income), I am less certain about the selling process later on.

- anything special about selling the car as a company vs. as private? I know about VAT...

- Could I take the car over in my name (private) if I want to later on? If I want to own it privately after one year - at what price? The book value of the car (e.g. 40% written off?)? The Eurotax value? A random number?


Anything else that I should know about owning a company car?

Thanks in advance for all input
grani

You can sell it for whatever you can get away with......
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Old 15.04.2019, 20:22
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Re: company car - buying/selling

Well I guess there must be some guideline that defines "within reason"?

I am sure buying a company car for 100 out of pre-tax income and selling it a week later to myself for 5 would not go down very well with the tax man.....
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Old 15.04.2019, 20:34
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Re: company car - buying/selling

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Well I guess there must be some guideline that defines "within reason"?

I am sure buying a company car for 100 out of pre-tax income and selling it a week later to myself for 5 would not go down very well with the tax man.....



That's rather a silly thing to say.


As you say yourself "withing reason" so if that is reasonable to you, try it, but don't come back crying when the tax people jump all over you.


You should be able to depreciate over 3-4 years, selling to yourself will always raise questions, sell to a friend first and then buy it from the friend


By the way, there are far easier ways of extracting money from a company than with a car......
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Old 16.04.2019, 09:17
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Re: company car - buying/selling

@Today only,

not sure you understood me correctly here - all I was looking for was some guidance on how this works....I guess sticking to the depreciated book value of the car is never wrong.
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