How to fund a VWFS Lease

[golfdsg]

Been advised to put this question into the business forum, so here goes:


Been trying all day to come up with a solution to this dilemma with my accountant:

A private individual has leased a VW but due to personal circumstances needs to get rid of the car, I am ready to have the lease transferred over to me however VWFS only transfer leases to Private Limited Companies.

This would trigger a benefit in kind tax, I already lease a Mercedes but through my sole trader business which avoids this kind of tax.

I have spoken to my accountant and he advised to get the car as a sole trader or personal individual to avoid the hassle.

So does anybody have any suggestions, whether or not there is a way around the BIK tax, or should I move on?

Thanks

[Dr Interceptor]

Unless you can clearly demonstrate it's use as a pool car, as in always kept at the office address, never taken home by employees, never used for personal errands, every journey mileage and purpose recorded, then the car on a Ltd company will incur BIK to whoever has use of it.

If the lease company won't transfer outside of the Ltd company, the call is yours, take it or walk away.

[insurance_jon]

we lease from VWFS as sole traders i.e insurance jon t/a lockyers

I'm sure if you did that it would be ok

[golfdsg]

insurance_jon said:

we lease from VWFS as sole traders i.e insurance jon t/a lockyers

I'm sure if you did that it would be ok

Were you the first leaseholder or did you have a leased transferred over to you?

I am just asking because I spoke to VWFS and they said that they can not transfer the lease to a individual or a sole trader (which would have been easier for me), they can ONLY transfer to a private ltd company.