Best lease car deals available?
Discussion
As I have said many times now, anyone willing to omit lease liabilities from accounting records and conveniently pretend BIK liabilities don't arise is simply taking a chance... with a 99% or greater probability of getting away with it. Not how I personally conduct my own affairs but each to their own...
Urban Sports said:
It's s
t that this thread gets derailed so often, most of the business lease questions if not all have been asked already, don't be lazy, read the thread or search for the easy to find answer, so dull reading this gash.
How often do you search for a leased car? Or are you just very interested in the subject? t that this thread gets derailed so often, most of the business lease questions if not all have been asked already, don't be lazy, read the thread or search for the easy to find answer, so dull reading this gash.If people want to ask questions, then this is the thread to do it. Why search through such a big thread?
Urban Sports said:
It's st that this thread gets derailed so often, most of the business lease questions if not all have been asked already, don't be lazy, read the thread or search for the easy to find answer, so dull reading this gash.
Take a chill pill. I wasn't being lazy at all, I've been reading this post on or off now for a couple of months and have read through most of the posts. I've even read off subject on various court cases that people have posted examples of. but even though there is quite a bit about trying to avoid benefit in kind, there is nothing that related directly to the way I was thinking it could be done, hence my question.t that this thread gets derailed so often, most of the business lease questions if not all have been asked already, don't be lazy, read the thread or search for the easy to find answer, so dull reading this gash.I can assure you I wasn't being lazy, and even tried plenty of Google searching and still not come up with the answer.
Just a handful of replies I've had on here really have given me the answer, so thanks to all the guys that gave some positive feedback.
From what I've read it looks like I might get away with it, but in the eyes of the law it would still be or could be liable to future prosecution for benefits in kind, something I'm not willing to take a risk on
Nothing wrong with a thread going off the rails as long as it gets back to where it needs to.
RYH64E said:
There may be a slight risk of HMRC objecting to a business lease not paid for by the business and demanding BIK taxes, but the chances of them even finding out are slim to none imo. If the payments don't go through the business account, the lease isn't listed as liability in the accounts, and no VAT is reclaimed then how would they ever find out?
At least two issues here: It's down as a perk so HMRC may well want to have word about BIK if it's from a limited company. It might be possible to get around this in your employment contract with your company where you guaranty (in writing) to reimburse the company for all car related expenses. Why not ask HMRC (in writing) if this would be OK as that way there's no intention to deceive anybody?
Even more importantly is if it isn't listed as a liability in the accounts but there's a contract between the leasing company and limited company this would be a deliberate omission of thousands of pounds in your accounts; increasing the paper value of your firm. This would be a very bad idea and probably a criminal offence.
CDP said:
RYH64E said:
There may be a slight risk of HMRC objecting to a business lease not paid for by the business and demanding BIK taxes, but the chances of them even finding out are slim to none imo. If the payments don't go through the business account, the lease isn't listed as liability in the accounts, and no VAT is reclaimed then how would they ever find out?
At least two issues here: It's down as a perk so HMRC may well want to have word about BIK if it's from a limited company. It might be possible to get around this in your employment contract with your company where you guaranty (in writing) to reimburse the company for all car related expenses. Why not ask HMRC (in writing) if this would be OK as that way there's no intention to deceive anybody?
Even more importantly is if it isn't listed as a liability in the accounts but there's a contract between the leasing company and limited company this would be a deliberate omission of thousands of pounds in your accounts; increasing the paper value of your firm. This would be a very bad idea and probably a criminal offence.
jimbop1 said:
Urban Sports said:
It's st that this thread gets derailed so often, most of the business lease questions if not all have been asked already, don't be lazy, read the thread or search for the easy to find answer, so dull reading this gash.
How often do you search for a leased car? Or are you just very interested in the subject? t that this thread gets derailed so often, most of the business lease questions if not all have been asked already, don't be lazy, read the thread or search for the easy to find answer, so dull reading this gash.If people want to ask questions, then this is the thread to do it. Why search through such a big thread?
Grandfondo said:
gizlaroc said:
Grandfondo said:
If the car is on a business lease won't the lease co want the payments from the business account?
No. They just ask for a sort code and account number. In any case - all the VW / Audi / Seat deals that were reserved for business users have now been extended to private individuals at the same rate. Lex / Arval have the same prices for business / individuals.
RYH64E said:
CDP said:
RYH64E said:
There may be a slight risk of HMRC objecting to a business lease not paid for by the business and demanding BIK taxes, but the chances of them even finding out are slim to none imo. If the payments don't go through the business account, the lease isn't listed as liability in the accounts, and no VAT is reclaimed then how would they ever find out?
At least two issues here: It's down as a perk so HMRC may well want to have word about BIK if it's from a limited company. It might be possible to get around this in your employment contract with your company where you guaranty (in writing) to reimburse the company for all car related expenses. Why not ask HMRC (in writing) if this would be OK as that way there's no intention to deceive anybody?
Even more importantly is if it isn't listed as a liability in the accounts but there's a contract between the leasing company and limited company this would be a deliberate omission of thousands of pounds in your accounts; increasing the paper value of your firm. This would be a very bad idea and probably a criminal offence.
Why not just go the whole hog and not declare some invoices you've written, then put your personal bank account as payment details so they never go into your business account? It doesn't go on the books, doesn't appear on any bank statements and also isn't likely to get caught unless you get investigated, because it sounds like the same kind of thing to me.
Sonic said:
So just to be clear you are seeking to evade taxes that you know would otherwise be due? Sounds like a pretty wreckless way to run your business and a very stupid idea to me.
No he isn't. all he is doing is using the weight of his company to get a deal that might not be available to him if he applied as an individual. Some lease companies may do you a personal deal at the same rate as the business deal if you use your company as guarantor, that is probably the best was to do it.
gizlaroc said:
Sonic said:
So just to be clear you are seeking to evade taxes that you know would otherwise be due? Sounds like a pretty wreckless way to run your business and a very stupid idea to me.
No he isn't. all he is doing is using the weight of his company to get a deal that might not be available to him if he applied as an individual. Some lease companies may do you a personal deal at the same rate as the business deal if you use your company as guarantor, that is probably the best was to do it.
I certainly wouldn't recommend it or risk doing it with my business for the sake of a few quid each month, but each to their own...
Urban Sports said:
It's st that this thread gets derailed so often, most of the business lease questions if not all have been asked already, don't be lazy, read the thread or search for the easy to find answer, so dull reading this gash.
I have to say I agree.t that this thread gets derailed so often, most of the business lease questions if not all have been asked already, don't be lazy, read the thread or search for the easy to find answer, so dull reading this gash.gizlaroc said:
dapearson said:
Please stick to discussing the best current lease deals!
Please stop being a tt. The thread title is 'Best lease car deals available'
Please stick on topic.
hornetrider said:
I think he's right tbh. This is generally a great thread with lots of brilliant deals in. Endless pages of discussion about the ins and outs of business leasing is not really appropriate here, especially considering it has been derailed in this manner before.
The thread title is 'Best lease car deals available'
Please stick on topic.
Apologies gents i shall say no more... i was just hoping to stop someone from doing something that appears pretty stupid with their business The thread title is 'Best lease car deals available'
Please stick on topic.
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