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Leasing from my own company

  • 24-07-2017 6:53am
    #1
    Jonny303
    Registered Users, Registered Users 2 Posts: 634 ✭✭✭


    Hi,

    Just wondering does anyone know can others and I lease a vehicle from my own company rather than driving a company car?

    I'm not talking about a nominal amount here (€1 etc, blatant fraud). I'm talking about paying €200 a month kind of a thing.

    Financially there is a few reasons, one is the company has the cash on hand to handle the vehicles (it actually owns most of them already).

    Secondly the company fleet policy is more attractive as we would regularly swap cars between each other.

    Thirdly, not all users would be doing that much business mileage so BIK would be a killer

    Can anyone see any problems with that?

    Thanks


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    If you have the use of a company car from your company BIK rules will apply. if you make good any of the cost of the vehicle to the company in the year this will reduce the level of the BIK that is taxable.

    Dbran


  • #3
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    To put it another way if the calculated bik is 2400 the lease must be at least 2400 of a bik will apply on the remainder.


  • #4
    NewApproach
    Registered Users, Registered Users 2 Posts: 2,191 ✭✭✭NewApproach


    If you regularly swap cars, and a fleet of cars are available to a number of employees, etc, have you considered whether the pooled car exemption from BIK might apply?


  • #5
    Jonny303
    Registered Users, Registered Users 2 Posts: 634 ✭✭✭Jonny303


    NewApproach wrote: »
    If you regularly swap cars, and a fleet of cars are available to a number of employees, etc, have you considered whether the pooled car exemption from BIK might apply?

    Not aware of this, would you have more info?


  • #6
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    This sentence from the OP suggests to me that pool car exemption is unlikely to be a runner here:

    "Thirdly, not all users would be doing that much business mileage so BIK would be a killer"

    This implies to me that the users of the cars have private use of them, thereby excluding them from the exemption.


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  • #7
    Jonny303
    Registered Users, Registered Users 2 Posts: 634 ✭✭✭Jonny303


    Your right with the above, business mileage would be limited in some cases.


  • #8
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,633 ✭✭✭✭Marcusm


    NewApproach wrote: »
    If you regularly swap cars, and a fleet of cars are available to a number of employees, etc, have you considered whether the pooled car exemption from BIK might apply?
    Jonny303 wrote: »
    Not aware of this, would you have more info?

    The key thing with pooled cars, which is regularly overlooked, is that no employee may take any car home any night.


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