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Buying new Commercial Vehicle

  • 28-09-2014 4:16pm
    #1
    Dublin18..
    Registered Users, Registered Users 2 Posts: 22 ✭


    i have a small limited company with another person. At the moment we use our private cars for any business needed and we just claim mileage. But business is picking up luckily and as I do most of the business driving my car is now to small and we need a van. I am wondering about the following if we were to buy or lease a van through the business. How does insurance and taxing it work out? We are VAT reg. Would I be able to transfer my insurance on it as I have full no claims bonus? My oh has there car and I can use that for private use as we would not need 2 pvt cars.Can I buy the van in my name and claim any vat back through the company?


Comments

  • #2
    [Deleted User]
    Posts: 17,728 ✭✭✭✭ [Deleted User]


    Van goes in company name, cannot buy privately and claim VAT back, you can surrender your private ncb, the likes of insuremyvan.ie are worth a call.

    Have a chat with your accountant too before you do anything.


  • #3
    Bpmull
    Closed Accounts Posts: 5,042 ✭✭✭Bpmull


    As said best thing to do is put the van in company name. That way you can claim back the vat. For tax they'll be happy once you give vat number and sign the declaration for commercial use in a Garda station. Insurance best to go to a decent broker and they'll get you a quote from a few companies. The insurance would go in the companies name not yours so I don't think the ncb is relevant. Get an open driving policy that's what most businesses have that way any employee with a full licence over 25 can drive it.

    Finally you probably know this but if it's a second hand van you have to buy one with a 'vat receipt' so you have to buy one of a car registered business or a dealer as if you buy it of someone who used it privately and doesn't have a business they won't be able to give a vat receipt.


  • #4
    Tail Docker
    Closed Accounts Posts: 2,954 ✭✭✭Tail Docker


    Bpmull wrote: »
    As said best thing to do is put the van in company name. That way you can claim back the vat. For tax they'll be happy once you give vat number and sign the declaration for commercial use in a Garda station. Insurance best to go to a decent broker and they'll get you a quote from a few companies. The insurance would go in the companies name not yours so I don't think the ncb is relevant. Get an open driving policy that's what most businesses have that way any employee with a full licence over 25 can drive it.

    Finally you probably know this but if it's a second hand van you have to buy one with a 'vat receipt' so you have to buy one of a car registered business or a dealer as if you buy it of someone who used it privately and doesn't have a business they won't be able to give a vat receipt.

    You don't need a vat receipt. If you don't get one, you just can't claim back the VAT element, but if the sellers private, you won't pay any vat to begin with, so..


  • #5
    bigroad
    Registered Users, Registered Users 2 Posts: 4,219 ✭✭✭bigroad


    If you are looking for a med size van the new vivaro is on the market now and it comes with a 1.6 diesel which could be taxed at the private rate of 514 euro and then you could also use it for private use.
    Most insurance policys cover private and commercial use.
    It might just give you more flexibility for your new vehicle.


  • #6
    Bpmull
    Closed Accounts Posts: 5,042 ✭✭✭Bpmull


    Tail Docker wrote: »
    You don't need a vat receipt. If you don't get one, you just can't claim back the VAT element, but if the sellers private, you won't pay any vat to begin with, so..

    Well I suppose it depends what way your looking at it. The reason I said it was that if the op was looking at a van and thinking the price as inclusive of vat and then it can't be claimed back due to lack of vat receipt. I should have stated that in my post that if you want to claim back vat you need a vat receipt. Obviously you can buy any van you want that doesn't have a vat receipt it's just the price is the price then nothing to get back.


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  • #7
    Tail Docker
    Closed Accounts Posts: 2,954 ✭✭✭Tail Docker


    Bpmull wrote: »
    Well I suppose it depends what way your looking at it. The reason I said it was that if the op was looking at a van and thinking the price as inclusive of vat and then it can't be claimed back due to lack of vat receipt. I should have stated that in my post that if you want to claim back vat you need a vat receipt. Obviously you can buy any van you want that doesn't have a vat receipt it's just the price is the price then nothing to get back.

    Vat isn't magic money. You have to pay it first to claim it back. So, if you don't pay it and therefore don't claim it, that's a zero sum transaction. A dealer will charge you vat on top of the price, a private seller won't. Anyway, this is pedantic, you knew this already, I'm just saying.


  • #8
    Bpmull
    Closed Accounts Posts: 5,042 ✭✭✭Bpmull


    Tail Docker wrote: »
    Vat isn't magic money. You have to pay it first to claim it back. So, if you don't pay it and therefore don't claim it, that's a zero sum transaction. A dealer will charge you vat on top of the price, a private seller won't. Anyway, this is pedantic, you knew this already, I'm just saying.

    Ah yep I'm aware of how it works alright I clearly just wasn't phrasing my replies right anyway at least the op knows how it works just in case they didn't.


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