V5 details - what’s correct?
Discussion
Have recently purchased a new EV outright through our company and wanted to check how the information should be recorded on the V5.
It has just arrived and shows the company name as the keeper and our business address as the address.
It’s my wife’s company car so my thought was that she would be named as the keeper and our home address as the one on the V5?
Want to make sure it’s all in order for insurance etc
It has just arrived and shows the company name as the keeper and our business address as the address.
It’s my wife’s company car so my thought was that she would be named as the keeper and our home address as the one on the V5?
Want to make sure it’s all in order for insurance etc
DeuceDeuce said:
Have recently purchased a new EV outright through our company
.
It’s my wife’s company car
Sorry, but these 2 things don't sound like the same thing..
It’s my wife’s company car
Either you have purchased it or it is a company car.
A car you have purchased I would expect to be yours, a company car is the companies.
DeuceDeuce said:
Have recently purchased a new EV outright through our company and wanted to check how the information should be recorded on the V5.
It has just arrived and shows the company name as the keeper and our business address as the address.
It’s my wife’s company car so my thought was that she would be named as the keeper and our home address as the one on the V5?
Want to make sure it’s all in order for insurance etc
If the company owns the car, then it is the keeper and the address is the address of the company.It has just arrived and shows the company name as the keeper and our business address as the address.
It’s my wife’s company car so my thought was that she would be named as the keeper and our home address as the one on the V5?
Want to make sure it’s all in order for insurance etc
Whichever employee the car is allocated to does not affect the V5.
Obviously, the company business insurance will be told which employee the car is allocated to.
Sebring440 said:
If the company owns the car, then it is the keeper and the address is the address of the company.
Whichever employee the car is allocated to does not affect the V5.
Obviously, the company business insurance will be told which employee the car is allocated to.
Owner does not necessarily equal keeper.Whichever employee the car is allocated to does not affect the V5.
Obviously, the company business insurance will be told which employee the car is allocated to.
A vehicle could be owned by a lease company, owned by a company, or owned by an individual.
If leased, the keeper could be the lease company, the company it is leased to, or the person who is actually driving it.
If company owned, the the same... company could be the keeper, or the driver could be the keeper.
In fact the driver could be the owner and a third party be the keeper.
The keeper is just the point of contact for legal matters inc. taxing and insuring.
Insurance might in some cases be more difficult if the entity insuring it isn't the owner or keeper.
No ideas for a name said:
Owner does not necessarily equal keeper.
A vehicle could be owned by a lease company, owned by a company, or owned by an individual.
If leased, the keeper could be the lease company, the company it is leased to, or the person who is actually driving it.
If company owned, the the same... company could be the keeper, or the driver could be the keeper.
In fact the driver could be the owner and a third party be the keeper.
The keeper is just the point of contact for legal matters inc. taxing and insuring.
Insurance might in some cases be more difficult if the entity insuring it isn't the owner or keeper.
They probably have a policy of registering by company rather than employee, in case the employee leaves (or gets promoted) - the car was never truly theirs, but moreso they won't have a V5 document with the ex-employee on it. In addition to the obvious security benefits, it also means if cars are reallocated amongst staff, it saves needing to change all the registered keepers around too, and keeps the number of changes down - which negatively affects the value.A vehicle could be owned by a lease company, owned by a company, or owned by an individual.
If leased, the keeper could be the lease company, the company it is leased to, or the person who is actually driving it.
If company owned, the the same... company could be the keeper, or the driver could be the keeper.
In fact the driver could be the owner and a third party be the keeper.
The keeper is just the point of contact for legal matters inc. taxing and insuring.
Insurance might in some cases be more difficult if the entity insuring it isn't the owner or keeper.
DeuceDeuce said:
Have recently purchased a new EV outright through our company and wanted to check how the information should be recorded on the V5.
It has just arrived and shows the company name as the keeper and our business address as the address.
It’s my wife’s company car so my thought was that she would be named as the keeper and our home address as the one on the V5?
Want to make sure it’s all in order for insurance etc
If your wife will be taking out a consumer insurance policy in her name, she might fall foul of the insurer requiring her being both the car owner & RK, which at the moment she is neither. It has just arrived and shows the company name as the keeper and our business address as the address.
It’s my wife’s company car so my thought was that she would be named as the keeper and our home address as the one on the V5?
Want to make sure it’s all in order for insurance etc
In that situation, the company would need to buy business insurance, which apparently can be more expensive than the more usual consumer insurance.
Mandat said:
DeuceDeuce said:
Have recently purchased a new EV outright through our company and wanted to check how the information should be recorded on the V5.
It has just arrived and shows the company name as the keeper and our business address as the address.
It’s my wife’s company car so my thought was that she would be named as the keeper and our home address as the one on the V5?
Want to make sure it’s all in order for insurance etc
If your wife will be taking out a consumer insurance policy in her name, she might fall foul of the insurer requiring her being both the car owner & RK, which at the moment she is neither. It has just arrived and shows the company name as the keeper and our business address as the address.
It’s my wife’s company car so my thought was that she would be named as the keeper and our home address as the one on the V5?
Want to make sure it’s all in order for insurance etc
In that situation, the company would need to buy business insurance, which apparently can be more expensive than the more usual consumer insurance.
Yes, but if the company is buying the insurance surely it would be cheaper as they aren't going to buy x number of individual policies, there will be one blanket policy, so 1 additional person/car will cost next to/nothing.
paul_c123 said:
They probably have a policy of registering by company rather than employee, in case the employee leaves (or gets promoted) - the car was never truly theirs, but moreso they won't have a V5 document with the ex-employee on it. In addition to the obvious security benefits, it also means if cars are reallocated amongst staff, it saves needing to change all the registered keepers around too, and keeps the number of changes down - which negatively affects the value.
I read it as the company is owned by the OP.To add a bit of background and hopefully some clarity.
Like many small Ltd companies, ours is owned entirely by myself and my wife.
Many Ltd companies owners have chosen to purchase an EV through their company and allocate to one of the directors (maybe the husband or wife) as a benefit in kind. This ia mainly to do with corporation tax saving in the year of purchase and running costs being put through the company rather than personal expenditure.
This has been pretty popular so I thought there would be more clear info on what should be recorded on the V5.
This isn’t Bout trying to mislead HMRC or the insurance company, I just want to do it properly.
I’ve always thought the owner of the car was not necessarily the RK.
Like many small Ltd companies, ours is owned entirely by myself and my wife.
Many Ltd companies owners have chosen to purchase an EV through their company and allocate to one of the directors (maybe the husband or wife) as a benefit in kind. This ia mainly to do with corporation tax saving in the year of purchase and running costs being put through the company rather than personal expenditure.
This has been pretty popular so I thought there would be more clear info on what should be recorded on the V5.
This isn’t Bout trying to mislead HMRC or the insurance company, I just want to do it properly.
I’ve always thought the owner of the car was not necessarily the RK.
Not sure exactly how it works but several years ago we were out dining and used my works leased car,I was an employee not a director, an incident happened near the restaurant and the police needed cars moved, they came in and asked for me by name. The owner was obviously the leasing company but I was names as keeper.
V8 Bob said:
Not sure exactly how it works but several years ago we were out dining and used my works leased car,I was an employee not a director, an incident happened near the restaurant and the police needed cars moved, they came in and asked for me by name. The owner was obviously the leasing company but I was names as keeper.
If the ins co are happy then it really doesn't matterDeuceDeuce said:
Have recently purchased a new EV outright through our company and wanted to check how the information should be recorded on the V5.
It has just arrived and shows the company name as the keeper and our business address as the address.
It’s my wife’s company car so my thought was that she would be named as the keeper and our home address as the one on the V5?
Want to make sure it’s all in order for insurance etc
It has just arrived and shows the company name as the keeper and our business address as the address.
It’s my wife’s company car so my thought was that she would be named as the keeper and our home address as the one on the V5?
Want to make sure it’s all in order for insurance etc
DeuceDeuce said:
To add a bit of background and hopefully some clarity.
Like many small Ltd companies, ours is owned entirely by myself and my wife.
Many Ltd companies owners have chosen to purchase an EV through their company and allocate to one of the directors (maybe the husband or wife) as a benefit in kind. This ia mainly to do with corporation tax saving in the year of purchase and running costs being put through the company rather than personal expenditure.
This has been pretty popular so I thought there would be more clear info on what should be recorded on the V5.
This isn’t Bout trying to mislead HMRC or the insurance company, I just want to do it properly.
A Ltd company is a separate legal entity from its individual directors. Your posts would suggest that the vehicle was purchased outright with company funds (rather than on a lease) in which case it is the owner. The vehicle is an asset and its value must be included in the company's balance sheet. If the supplying dealer invoiced your Ltd company, that it the info which they would have supplied to the DVLA hence what is on the current V5C. Like many small Ltd companies, ours is owned entirely by myself and my wife.
Many Ltd companies owners have chosen to purchase an EV through their company and allocate to one of the directors (maybe the husband or wife) as a benefit in kind. This ia mainly to do with corporation tax saving in the year of purchase and running costs being put through the company rather than personal expenditure.
This has been pretty popular so I thought there would be more clear info on what should be recorded on the V5.
This isn’t Bout trying to mislead HMRC or the insurance company, I just want to do it properly.
DeuceDeuce said:
I’ve always thought the owner of the car was not necessarily the RK.
Correct. That's why the V5C has that caveat in large font white capitals letters on the front page!There is nothing to stop your wife becoming the RK which is the entity/individual responsible for complying with certain legislative requirements (e,g. VED/MOT/etc).
The change creates an additional RK in the DVLA records and on the new V5C. Up to you/her whether it's worth the bother.
.
Mandat said:
If your wife will be taking out a consumer insurance policy in her name, she might fall foul of the insurer requiring her being both the car owner & RK, which at the moment she is neither.
In that situation, the company would need to buy business insurance, which apparently can be more expensive than the more usual consumer insurance.
This has come up a few times on here and some people seem to have been able to insure company cars in their own name, but other insurers won’t have it. I think in most cases the cars were leased and I suspect people are not telling insurers that the lease is in their company’s name.In that situation, the company would need to buy business insurance, which apparently can be more expensive than the more usual consumer insurance.
Last month I tried to insure my daughter’s old car in my name without changing the V5 and I hit a brick wall as her address is different. Our usual insurer, LV, wouldn’t do it. A broker got a quote but it was double the price vs me being keeper.
OP - you should have made the V5 details you wanted clear to the supplying dealer. A few times garages have given me a form to confirm the registration details although I can’t recall that happening on last few cars I’ve bought.
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