Selling car to my company

[danash]

Hi,

Quick question....what would be the pros and cons of selling my personal vehicle to my company and then reinvesting the consideration as a director's loan to the company?

My car would not be an essential company vehicle and I would continue to use it for personal purposes as well. I am not talking a salary at the moment as I am in startup.

Insurance implications ? Depreciation ?

 

[44brendan]

BIK would apply if you are using the car or to anyone using the car. You would need your accountant to fully talk you through the consequences of any such transaction.

 

[peteb]

Narrow market for private vehicles registered in a company name. And looking at paying probably about €1,500 at best.