Company car questions
Discussion
Following the expected announcement of benefit in kind breaks for company electric car purchases from April, I had a few questions which hopefully you guys/gals can answer:
1. Is the car registered on the V5C as owned by the company, or can it be registered in my name as the company owner/director, on behalf of the company?
2. I'm finding having never insured a car as a company before, that with 0 NCD, an electric car might cost me £5k/year. Can I insure the company car personally utilising my 22+ NCD, even if I do not attempt to recover the insurance costs?
Hope those make sense!
1. Is the car registered on the V5C as owned by the company, or can it be registered in my name as the company owner/director, on behalf of the company?
2. I'm finding having never insured a car as a company before, that with 0 NCD, an electric car might cost me £5k/year. Can I insure the company car personally utilising my 22+ NCD, even if I do not attempt to recover the insurance costs?
Hope those make sense!
V5C is registered keeper, not owner.
You said "purchase" but is your company going to buy the car outright? If you lease, the lease company will own it and be the RK.
Not sure on insurance - I've seen that comment (that it's much dearer though a company) before though. If you do lease the insurance company won't know who is paying the lease - I'm not aware they ask that.
You said "purchase" but is your company going to buy the car outright? If you lease, the lease company will own it and be the RK.
Not sure on insurance - I've seen that comment (that it's much dearer though a company) before though. If you do lease the insurance company won't know who is paying the lease - I'm not aware they ask that.
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