Restoring a classic car through my business
Discussion
Thank you Eric for the informative phone call yesterday, much appreciated.
I'm left with the opinion if I wanted to run/repair a classic car through my business then giving it my wife as a company car, with her paying the benefit in kind through her PAYE. This works the same whether a sole trader with employees or a limited business.
However I've looked at the car I was considering and it's beyond economic repair so I'm now considering an early Land Rover.
It seems this will be more straightforward being a commercial vehicle.
There are additional aspects, such as percentage of private use, and I've based this post on my particular situation.
I'm left with the opinion if I wanted to run/repair a classic car through my business then giving it my wife as a company car, with her paying the benefit in kind through her PAYE. This works the same whether a sole trader with employees or a limited business.
However I've looked at the car I was considering and it's beyond economic repair so I'm now considering an early Land Rover.
It seems this will be more straightforward being a commercial vehicle.
There are additional aspects, such as percentage of private use, and I've based this post on my particular situation.
Gassing Station | Business | Top of Page | What's New | My Stuff