Business or personal loan for my ltd company
Discussion
If it's a brand new or nearly new company you will struggle to find someone to lease you a vehicle.
You will also struggle to get finance although your bank may help here.
You need to sit down and cost it out. There are capital allowances you can take advantage of if you buy it through the business but you pay BIK personally, although it's not too bad for a van.
I would suggest you ask your accountant to advise as he will know your circumstances better than us.
You will also struggle to get finance although your bank may help here.
You need to sit down and cost it out. There are capital allowances you can take advantage of if you buy it through the business but you pay BIK personally, although it's not too bad for a van.
I would suggest you ask your accountant to advise as he will know your circumstances better than us.
Thanks for the replies
Just to clarify, I won't be sub leasing the van. The firm I'll be working for will just pay me more money because I have one, and they won't need to hire one in for me. The money I receive will outweigh the money I pay for it monthly, so it seems a no brainer.
My ltd company has been going for around a year now. The van will be strictly for work.
A quick edit to say that I could do with showing as much earnings as possible the next year for mortgage purposes. My limited understanding is to take what the van earns me as a dividend at the end of the year, and therefore showing more earnings. Is it as easy as this?
Just to clarify, I won't be sub leasing the van. The firm I'll be working for will just pay me more money because I have one, and they won't need to hire one in for me. The money I receive will outweigh the money I pay for it monthly, so it seems a no brainer.
My ltd company has been going for around a year now. The van will be strictly for work.
A quick edit to say that I could do with showing as much earnings as possible the next year for mortgage purposes. My limited understanding is to take what the van earns me as a dividend at the end of the year, and therefore showing more earnings. Is it as easy as this?
Edited by DeanR32 on Monday 26th September 14:56
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