Lucanesque
Member
I only need class 1 business use, which is covered by Churchill.
I will definitely speak to my accountant again, thanks
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I will definitely speak to my accountant again, thanks
I just missed a trick of paying for the company car on my personal credit card for the air miles
Haha, you sound like me! I was gutted to hear Tesla don't accept full payment on card.. £50k worth of points.... ahh. Oh well.
I only need class 1 business use, which is covered by Churchill.
I will definitely speak to my accountant again, thanks
Would be great if you could post back here what your accountant says just so we get another opinion. Mine is quite risk adverse though and they're ok with me running the personal insurance through the ltd, so fingers crossed that's all ok. Every little helps when it comes to the ltd paying for things!
Haha, you sound like me! I was gutted to hear Tesla don't accept full payment on card.. £50k worth of points.... ahh. Oh well.
Side note to this thread - but if it is your limited company and you have an amex you CAN get the points on the purchase - they updated their FX service earlier this year and for 1% fee you can send payments to anyone as a bank transfer including Tesla, HMRC, suppliers who won’t take amex.
Obviously you need to decide if that’s worth it to you - I use my amex points for Emirates (not right now....) But the nearly 50k points here that will cost me just short of £500 will upgrade one leg of a Uk - dubai- Australia in first class or get me 10 flights to london so for me it’s worth it. And the 1% is a business expense as it’s payment processing fees.
Money clears same day, but I can’t vouch for how fast Tesla reconcile, so I sent a test payment today to see how long it takes to pop up in my Tesla account.
Just spoke to my rep and they have a referral scheme - so if you are interested DM me and I can put you in touch with him, he set everything up including the first beneficiaries and has handled a few payments for us (I've no idea if this is normal service or extra special as its new!) but great service setting it up, so I really recommend him
Lucanesque
Member
Spoke to my accountant and they said: "The Company should be paying for the insurance as it is a company car. Strictly speaking the policy should be in the name of the company and you should be insured for business journeys. However I don’t think there is a huge risk of HMRC enquiring in to this at the moment, so if it is a lot cheaper I would claim it as a company expense as you have suggested."
I also asked him about appropriate payments for employee incurred fuel costs. As @Sphinxhunter mentioned above, he's stated "The advisory electricity rate for fully electric cars is 4 pence per mile."
Thanks for the tips everyone, just saved me a shed load.
Currently with esure - they said they couldn't insure Tesla's and really struggled when I said I wouldn't have a reg number.
LV quoted £852
Direct Line through the Tesla link - £582
Churchill - £433
Currently with esure - they said they couldn't insure Tesla's and really struggled when I said I wouldn't have a reg number.
LV quoted £852
Direct Line through the Tesla link - £582
Churchill - £433
i tried novo yesterday - they are a specialist broker for Ev cars according to their website so I was optimistic and my goal was to try to better my £750 Churchill quote.... and Novo came back at £1800 ! ! And even that was with an excess of £1000 (!)
Went back to Churchill and got down to a slightly better £600 after some pushing (I do park city centre in a secure carpark, not on a drive so my insurance is higher due to that and age maybe still) but shocked at the difference there - three times the price (!)
thanks to those recommending Churchill and going to them direct - and a warning not to bother with novo (sorry Mr M! I don’t know if you are with them? But I did try it out!)
Rooster6655
Active Member
If the company car is used for business then you need a insurance policy for it - pay it out the company, regardless if it's in your personal name, then you can get the relevant tax relief on it - ideally you want the company name somewhere on the invoice.
The majority of accountants would be fine with that unless yours is insanely risk averse.
My car is being bought through my limited company, every single expense to do with the car will be put through the company.
Will be charging the company 4p per business mile - not much but every little helps.
I just missed a trick of paying for the company car on my personal credit card for the air miles
On a plus note - received my text today from Tesla confirming my registration, pick up on friday so 5 days before
Insurance has also been paid for, was quoted £1142, went back through compare the market link to churchill and the churchil price had gone down by £85! (I didnt even ask for a requote) - all paid for at £1057.
Now I just need to pick the car up...
yes exactly, it’s a company car so the company should pay for it, there is no Vat so a full vat invoice isn’t required for the company.
The important part is being insured as a company car, whether this is personal insurance or a “company car policy” to which I could never get anyone to quote for.
Just because it is a personal policy doesn’t mean it can’t be expensed, accountants will ideally want something in the company name but if it’s not possible then they have no choice in the matter. The only issue ever would be if there was an enquiry which I’ve never heard of and even then I think they would find it hard to have a problem with an insurance policy for a company car.
Lucanesque
Member
Churchill, who I've decided I'm going with, have updated my quote to include the owner being my company and the insured being me and t'other half.
Having got a great price with Churchill last year I was worried it would really get ramped up at renewal ... just got the renewal a couple of weeks ago ... it's spiralled up by ... £9! That'll do me fine.
Rooster6655
Active Member
MrBadger
Badger out
Whats the difference between Churchill and Direct Line in terms of benefits? Protected NCB, car hire etc? My car (non Tesla) is up for renewal in a couple of months and after DL's last couple of renewals where they have been quite stubborn, I may look around a bit more. I had originally been with More Than until they hiked their prices.
Just called up Churchill to see if they'd knock any more off the quote I got online - they're coming out the best quote but of course I wouldn't tell them that! After some checking, the chap said no, that's the cheapest we can go to unfortunately.
I then brought software up and double checked that the 'acceleration boost' software upgrade wouldn't increase my premiums. He confirmed it wouldn't. Then he asked whether the car had 'Tesla Autopilot' software, I said yes. With him adding that to my quote it knocked around £45 off.
So - those of you getting online quotes with Churchill, it's certainly worth a quick call to tell them the car has autopilot! Should knock a few quid off.
I then brought software up and double checked that the 'acceleration boost' software upgrade wouldn't increase my premiums. He confirmed it wouldn't. Then he asked whether the car had 'Tesla Autopilot' software, I said yes. With him adding that to my quote it knocked around £45 off.
So - those of you getting online quotes with Churchill, it's certainly worth a quick call to tell them the car has autopilot! Should knock a few quid off.
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