Selling a private plate to a business? Allowable? Value?
Selling a private plate to a business? Allowable? Value?
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andy43

Original Poster:

13,214 posts

284 months

Friday 27th July 2018
quotequote all
I can't find anything anywhere on the interwebz to work out how my OH can sell her private registration plate to her business. How do we value it? Can it even be bought legitimately by the company - I'd assume so?
Once you know, it's clearly advertising or is very obviously relevant to the business (rather than herself personally which would be a definite no-no as a legitimate advertising expense) but if it wasn't parked outside the office it'd just be any old numberplate. She’s leasing a new car soon, and considering signwriting it which would tie the plate to the business perfectly.
Should I just approach a random numberplate vendor and ask what they would try and sell it at? Similar plates are £500-800 on the DVLA site so I suspect an industry 'valuation' would be the square root of sod all. I think playing it safe and valuing it in the lower region of £500 is the answer?
Have emailed OH's accountant to see what he thinks, but the good people of PH are usually very knowledgeable on this sort of stuff... unless it's vat and tax dodging turbo repair questions...
TIA smile

Edited by andy43 on Friday 27th July 17:31


Edited by andy43 on Friday 27th July 17:33

oop north

1,711 posts

158 months

Saturday 28th July 2018
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No point - my accountants* just shoved it in as a director loan transaction when I got one - no prospect of treating as a business expense. I suspect it’s something that hmrc are all over like a rash. But check with your own accountants

  • I am an accountant but not a tax speciaist

andy43

Original Poster:

13,214 posts

284 months

Sunday 29th July 2018
quotequote all
Thanks for that, hadn't thought of a directors loan. I was hoping for direction on valuation and what HMRC are happy with - I suspected it might be an area open to creative accountancy! Will wait to see what her accountant suggests on value and method.