Treatment of introducing a car as capital

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT member discussion
Hi

Can any of you help me. I am setting up in business and part of the capital will be my car. Does this mean that I now have to register the car from my name to the business name with DVLC?

:roll:

Many thanks
Siany

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Treatment of introducing a car as capital

    Are you a sole trader or a limited company?

    I would have thought that if you are a sole trader you won't but if you are a limited company - you may have to.

    Please someone correct me if I'm wrong.

    Annette
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Treatment of introducing a car as capital

    It would appear the lack of answers means you'll have to ring em.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Treatment of introducing a car as capital

    Hi Thanks for your replies.

    I am setting up in a Limited Liability Partnership.

    I think ringing them is the only answer. I should imagine it would have to be re-registered as it will become an asset of the company.

    I take it no one has come across this before???

    Thanks again
    Siany
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Treatment of introducing a car as capital

    I am positive that as a limited company is a separate legal entity then a car would need re registering. As you've thrown in a limited liability partnership, I'm not sure but do let us know when you find out the answer.

    Annette

Categories

Privacy Policy