Executive Hire Business - Idea
Discussion
Morning!
I've recently been thinking about setting up an executive hire/chauffeur business and thought I'd ask for any suggestions or advice.
We have many local taxi firms in the town, there's the odd private airport shuttle service etc, but nowhere to book a high end car with a driver for those 'special events' such as business meetings, taking the wife to dinner, picking up clients, taking friends out for the day etc when it'd be useful not to drive, not to have to park etc.
Obviously there are a few wedding hire companies, but they tend to come from out of town and are very expensive per day.
I'm sure there are quite a few people locally who would also like a 'posh taxi' now and again too, which got me thinking.
Occasionally we end up driving the length of country for business meetings, visiting London etc and it'd just be useful to have the option of a driver so we could get some work done in the back, rather than waste the day behind the wheel, but we obviously don't have the need for a full time driver.
There's also the fact that no one (unless retired) is likely to want a job driving, when it is irregular and on a Friday or Saturday night, with the odd midweek day, hence logic is that if it was also used for external hire, it'd reduce the cost of having someone stood idle for the majority of the time.
Thought I could start it with a couple of cars and see how it goes.
Cars would be something like a RR Phantom, Bentley Mulsanne, Range Rover LWB or Merc S Class, or even a luxury Mercen van that can seat 4-6 in the rear)
Would assume it best to set it up as a private limited company, company would buy the cars for cash and hire a couple of people to run it, do the admin and obviously act as the chauffeurs.
It wouldn't be so much about making profit, more to reduce wasted money when cars are not needed. If it could cover its costs and give me free use of the cars whenever I needed them, that would be a good outcome.
Few questions:
1. Could we get flexible fleet insurance to cover these kind of cars, with multiple drivers?
2. Given the hours would be 'anytime' how would it be best to employ people?
3. Best ways to market the new business? Facebook, Internet advertising, websites, radio etc?
4. Cars would most likely be good examples of pre-owned, but could the company reclaim the VAT on the car purchase of newer vehicles?
5. If yes, What are the pro's & con"s of reclaiming VAT on cars?
6. Can depreciation be claimed on the cars? (They'd obviously depreciate)
7. Can running costs, repairs, petrol, etc all be put through the business as a cost of sale/repairs?
8. I assume anytime my other businesses or we used it personally, we would need to pay the company the same way as any other customer would to keep it from being a benefit in kind?
Any ideas, suggestions or help would be much appreciated !!
Thanks
I've recently been thinking about setting up an executive hire/chauffeur business and thought I'd ask for any suggestions or advice.
We have many local taxi firms in the town, there's the odd private airport shuttle service etc, but nowhere to book a high end car with a driver for those 'special events' such as business meetings, taking the wife to dinner, picking up clients, taking friends out for the day etc when it'd be useful not to drive, not to have to park etc.
Obviously there are a few wedding hire companies, but they tend to come from out of town and are very expensive per day.
I'm sure there are quite a few people locally who would also like a 'posh taxi' now and again too, which got me thinking.
Occasionally we end up driving the length of country for business meetings, visiting London etc and it'd just be useful to have the option of a driver so we could get some work done in the back, rather than waste the day behind the wheel, but we obviously don't have the need for a full time driver.
There's also the fact that no one (unless retired) is likely to want a job driving, when it is irregular and on a Friday or Saturday night, with the odd midweek day, hence logic is that if it was also used for external hire, it'd reduce the cost of having someone stood idle for the majority of the time.
Thought I could start it with a couple of cars and see how it goes.
Cars would be something like a RR Phantom, Bentley Mulsanne, Range Rover LWB or Merc S Class, or even a luxury Mercen van that can seat 4-6 in the rear)
Would assume it best to set it up as a private limited company, company would buy the cars for cash and hire a couple of people to run it, do the admin and obviously act as the chauffeurs.
It wouldn't be so much about making profit, more to reduce wasted money when cars are not needed. If it could cover its costs and give me free use of the cars whenever I needed them, that would be a good outcome.
Few questions:
1. Could we get flexible fleet insurance to cover these kind of cars, with multiple drivers?
2. Given the hours would be 'anytime' how would it be best to employ people?
3. Best ways to market the new business? Facebook, Internet advertising, websites, radio etc?
4. Cars would most likely be good examples of pre-owned, but could the company reclaim the VAT on the car purchase of newer vehicles?
5. If yes, What are the pro's & con"s of reclaiming VAT on cars?
6. Can depreciation be claimed on the cars? (They'd obviously depreciate)
7. Can running costs, repairs, petrol, etc all be put through the business as a cost of sale/repairs?
8. I assume anytime my other businesses or we used it personally, we would need to pay the company the same way as any other customer would to keep it from being a benefit in kind?
Any ideas, suggestions or help would be much appreciated !!
Thanks
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