Paying vrt

Ladyinthedark

I'm wondering if anyone can help me with this my son has started a new buisness it's a limited company and he's looking at buying a vehicle ,a car, in England .he tried to ring the tax office but it's closed now.ill he be able to claim back the money he has to pay for the vrt on the car ,or is this not something you can do ,thanks

colm_mcm

No. You can't claim VRT or VAT back on a car

Ladyinthedark

colm_mcm wrote: »

No. You can't claim VRT or VAT back on a car

Thanks,so he doesn't have to register it under the company name like the vrt form asks

colm_mcm

Who is buying the car, him or the company?
He may be liable for ongoing BIK if it's the company.

Ladyinthedark

colm_mcm wrote: »

Who Ian buying the car, him or the company?
He may be liable for ongoing BIK if it's the company.

He is but wha if the company bought it,does he save money

exaisle

Probably not. Better off buying the car himself and charging the company mileage for business use.

Marcusm

Ladyinthedark wrote: »

He is but wha if the company bought it,does he save money

BIK is charged on the Original Market Value of the car so if it's anything other than a nearly new, I'd imagine he additional income tax will make it silly to have as an employer funded vehicle.

Ladyinthedark

So if it's bought by the company does it still have to be vrt ed straight away

mgbgt1978

https://www.ncts.ie/1155

Private or Company owned....the rules are the same.

Henry Ford III

Sounds like you need a decent accountant/tax adviser OP.

Alan_007_

Ladyinthedark wrote: »

So if it's bought by the company does it still have to be vrt ed straight away

Yes, there's no getting around the VRT requirement, as far as I know.