Private Plate...

[Jasandjules]

Can I buy one for the business (business reference) and put it on a car?

If so, can I use the business account to pay for it?

[Dr Interceptor]

Nothing wrong with buying the plate through your business... put it down as advertising.

No BIK implications as there is no benefit to you, and you can claim the VAT back on the plate if you're VAT registered.

[Jasandjules]

Fantastic, thank you!

So I can just pay using my business account and all is good.

[Dr Interceptor]

Jasandjules said:

Fantastic, thank you!

So I can just pay using my business account and all is good.

I don't see as any different to having a sign made to hang on your wall at home... it's advertising.

Check with your accountant how it's accounted for in your books... the 'rights' to the plate (i.e. the £250 to DVLA) might be put down as asset, but the cost of having the plates made should be put to advertising.

[Jasandjules]

Dr Interceptor said:

I don't see as any different to having a sign made to hang on your wall at home... it's advertising.

Check with your accountant how it's accounted for in your books... the 'rights' to the plate (i.e. the £250 to DVLA) might be put down as asset, but the cost of having the plates made should be put to advertising.

Yes, I was going to email the accountant but wasn't sure if it was a stupid question.... I wish it was only £250!! Closer to 1k but so cool for the company I can't reist.

[AndyAudi]

One of the 1st questions we were asked during an HMRC inquiry into our vehicles was
"were the plates paid privately or through the partnership"

Letters same as business trading initials
(And we were speaking about the £250 kind, not anything from auction)

I would run past the accountant, it's not a daft question.

[bad company]

Jasandjules said:

Yes, I was going to email the accountant but wasn't sure if it was a stupid question.... I wish it was only £250!! Closer to 1k but so cool for the company I can't reist.

Please tell us what it is, when you have made the purchase of course.

[DSLiverpool]

Be careful it can look uber knob or maybe its my choice of BO55 DST and D5 TUK (has to be miss-paced) to be honest I renamed the company after the second plate, adding in the UK. Both are never used now and unsaleable.

[R8VXF]

DSLiverpool said:

Be careful it can look uber knob or maybe its my choice of BO55 DST and D5 TUK (has to be miss-paced) to be honest I renamed the company after the second plate, adding in the UK. Both are never used now and unsaleable.

I did see BUG 80Y on a pest control van that I thought was awesome!

[DSLiverpool]

R8VXF said:

DSLiverpool said:

Be careful it can look uber knob or maybe its my choice of BO55 DST and D5 TUK (has to be miss-paced) to be honest I renamed the company after the second plate, adding in the UK. Both are never used now and unsaleable.

I did see BUG 80Y on a pest control van that I thought was awesome!

Yep that is but what possesed me to buy BO55 DST for £2500 - christ

[bad company]

FU 2 Comes up fairly frequently. I think people buy it for a laugh but get a poor reaction .

[Simpo Two]

bad company said:

FU 2 Comes up fairly frequently. I think people buy it for a laugh but get a poor reaction .

I saw that on a white XR3 near Ipswich about 20 years ago, driven by a young female. Obviously a successful prostitute.

[bad company]

Simpo Two said:

bad company said:

FU 2 Comes up fairly frequently. I think people buy it for a laugh but get a poor reaction .

I saw that on a white XR3 near Ipswich about 20 years ago, driven by a young female. Obviously a successful prostitute.

I knew Paul Raymond had FU 2 on his E Type. Several other owners:-

http://www.regtransfers.co.uk/content/customer-sto...

[2 sMoKiN bArReLs]

Simpo Two said:

bad company said:

FU 2 Comes up fairly frequently. I think people buy it for a laugh but get a poor reaction .

I saw that on a white XR3 near Ipswich about 20 years ago, driven by a young female. Obviously a successful prostitute.

http://en.wikipedia.org/wiki/Fiona_Richmond

[2 sMoKiN bArReLs]

I'd imagine ECM write all theirs off to marketing budget..they must have 100s!

[Jasandjules]

DSLiverpool said:

Be careful it can look uber knob or maybe its my choice of BO55 DST and D5 TUK (has to be miss-paced) to be honest I renamed the company after the second plate, adding in the UK. Both are never used now and unsaleable.

I am hopeful it is suitable. I think it is that at least I do now. I don't have a car it can go on either so I am basically buying to ensure I have it for the business when I do get a 15 plate vehicle.

[Robin Hood]

I bought A1, A2 and A3 plus the business initials in 1992 through the business. Been on the accounts as assets at cost price ever since.

[2 sMoKiN bArReLs]

Robin Hood said:

I bought A1, A2 and A3 plus the business initials in 1992 through the business. Been on the accounts as assets at cost price ever since.

Why would you class them as assets rather than write off to tax on the day of purchase?

[Robin Hood]

2 sMoKiN bArReLs said:

Why would you class them as assets rather than write off to tax on the day of purchase?

No idea, because they're saleable items perhaps, accounting isn't my field. I have been offered substatially more for them numerous times since. Accountant does what he does. They have been on multiple vehicles since bought, the transfer fees have been substantially more than the purchase cost and been paid through the business.

Edited by Robin Hood on Saturday 16th May 10:48

[Dr Interceptor]

2 sMoKiN bArReLs said:

Why would you class them as assets rather than write off to tax on the day of purchase?

Because they are saleable... so if they were ever sold, would be subject to capital gains if a profit was made.