What's required for leasing a car?
Discussion
Quick question: If you want to lease a car as a 'business user' what are the criteria?
My current car is on a personal lease which is due to expire next March. I've opted out of employee's company car scheme to take a cash alternative as I think I could get a better car for the money than what the firm offers, plus there are flexibility and tax issues.
At the same time I've set up a business with two others to do property refurbs & conversions for which we are Vat registered, just started out so no accounts, turnover etc as yet, plus it's not my full time job, just when I have time.
Can I lease a car for 'business use' through this business and what questions/ background info/ references would I have to supply?
My current car is on a personal lease which is due to expire next March. I've opted out of employee's company car scheme to take a cash alternative as I think I could get a better car for the money than what the firm offers, plus there are flexibility and tax issues.
At the same time I've set up a business with two others to do property refurbs & conversions for which we are Vat registered, just started out so no accounts, turnover etc as yet, plus it's not my full time job, just when I have time.
Can I lease a car for 'business use' through this business and what questions/ background info/ references would I have to supply?
If you can't provide a set of accounts then you will probably be required to give a personal guarentee, all depends on the start up capital and business plan. The other thing to consider is that some leasing companies will not deal with new starts at all, so you will be restricted in who you can deal with.
deva link said:
It seems thoroughly illogical to opt out of your main employers car scheme, but then opt in to your own company.
You'd be paying tax twice - once on the money that your main employer pays, then again by dint of having a company car from your own company!
You'd be paying tax twice - once on the money that your main employer pays, then again by dint of having a company car from your own company!
Quite.
Why not look at a simple personal contract hire or PCP style finance deal? I can't see any benefit by taking the cash alternative then leasing it through your new start business.
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