Am I right in thinking there is nothing stopping me buying a Private Reg through my company and allocating as a company asset?

Also I presume I would save the VAT (not like Entertaining).

Any input from business owners who have a number plate this way??

Thanks

number plate is not a tangible asset so no capital allowances , if plate is not a ridiculous price put it through as advertising

Hi Jonny

I had a company specific plate on one of my vans, and transferred it to my (personal) car. My Accountant deemed it as having no benefit to me, so no problem. I have since placed it on retention, and it will be on my new 2010 HSE. In the eyes of the DVLA it is now mine, although it is still a company asset. We got the VAT back, so its a win, win situation!

John

What would happen if the car was written off? MY2011 HSE Santorini/Ivory/Piano Black/Privacy Glass/TV .Sadly gone.
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ChrisP wrote:

What would happen if the car was written off?

But wouldn't the insurance company keep the plate unless it was seperately insured at value? MY2011 HSE Santorini/Ivory/Piano Black/Privacy Glass/TV .Sadly gone.
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ChrisP wrote:

But wouldn't the insurance company keep the plate unless it was seperately insured at value?

You don't insure the plate do you? Can that be written off?

John

John,
I'm not absolutely sure,but I think if it's not seperately insured it is just taken as part of the loss by the insurance company. MY2011 HSE Santorini/Ivory/Piano Black/Privacy Glass/TV .Sadly gone.
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thing is the plate would be my initials, nothing like the company name etc.....and it is quite a few quid (8k), hence why I want to put it through the company.

Would I get away with that as advertising?? It will be advertising me!

ChrisP wrote:

John,
I'm not absolutely sure,but I think if it's not seperately insured it is just taken as part of the loss by the insurance company.

Jonny Fresh wrote:

thing is the plate would be my initials, nothing like the company name etc.....and it is quite a few quid (8k), hence why I want to put it through the company.

Would I get away with that as advertising?? It will be advertising me!

Is it personalised for the director or the company?

If for the company stick it in advertising and see what happens. If that worries you stick it in entertaining (the puffed up ego of the director ) and disallow it.

If for the director I would think it could potentially be a benefit in kind ?

Seriously though, does it satisfy the wholly and necessarily test? If not surely it is an investment and should be held as such, and tax/relieved accordingly if and when it is sold?

Capital Allowances Manual 21250 says the following

"Expenditure on acquiring a right to a registration number is another matter. You are most likely to meet this in connection with expenditure on acquiring a "personalised" or "cherished" number. That does not qualify for PMAs. A personalised number plate gives intangible rights of enduring benefit - the right to use a certain combination of numbers and letters when registering the car. Those rights are not plant and so you should not give PMAs on the expenditure to the extent that it reflects the acquisition of the rights."

Thanks guys, I'll speak to my accountant!

i have 5 plates and have put them all through the business

if a car is written of or stolen you get the plate back on retention but it takes a lot longer than it normally would not sure why possibly because of the insurance payouts etc 16 model year yulong white autobiography
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