Ltd Company - Van Maintenance

[rolyberkin]

I am just about to switch from sole trader to Ltd Company (the company is all set up but not yet trading) I have got to go and see an accountant in the next couple of weeks but in the meantime as in the next few days my van needs a service/MOT and probably a load of work.........!:-(

If i re-register the van to the Ltd company today am I right in saying all of the insurance/maintenance costs etc then go to the Ltd company also?

 

[Pat H]

Maybe best to see what the accountant has to say. Is the Ltd company buying the van or are you just donating it?

 

[rolyberkin]

I have semi discussed it with him, it is being transferred into the Ltd company along with tools equipment etc.

 

[Octopus]

Just bill your SE accounts.... what's the difference?

 

[PEG]

I think a major factor,would be if it was 4 year old top of the range red-i Transporter...or a Thames Trader.

This is where a good,approachable and competent accountant,starts to look value-for-money.

A bad one,can only cost you money,whilst a good one...

 

[telectrix]

a good van and tools should be retained as personal belongings. then if the ltd co goes bust for any reason ( bad payers etc.) the liquidators can't touch your van and tools.

 

[baldelectrician]

What's to stop you setting a limited company to hold the business assets and a trading company as a separate entity.
Then if the trading company goes down the assets are there for another day.

Just make sure the new ltd asset company buys the assets for the market value and you can see the money going between accounts with invoices and receipts available.