Model 3 bought through ltd company needs insuring

[Benjamoon]

Hi everyone,

I bought my Model 3 P via my Ltd business and I'm picking it up from Birmingham on Friday.

Has anyone figured out how to insure a car owned by a UK ltd business? Do you need special company insurance and does the policy need to be in the name of my company or should it be in my personal name.

If it's special business insurance can you still deal with direct line, admiral etc, or is there some better options?

I'm sure there's a few of us in the same boat so thought I'd start a distinct thread.

Thanks,

Ben

 

[pjuk]

Just make sure Tesla put your name on the V5C and possibly ask for your home address to be on there too. They can probably arrange it to be Ben's NewCo Ltd, c/o Ben, Ben's Address.

Insurance is just as normal since you are the registered keeper. You can probably run the insurance through the company as an expense to save a few ££, but check with your accountant.

 

[Rooster6655]

Just make sure Tesla put your name on the V5C and possibly ask for your home address to be on there too. They can probably arrange it to be Ben's NewCo Ltd, c/o Ben, Ben's Address.

Having consulted with an accountant if you are having it as a company car you need it to be in the company name not your personal name otherwise you can not claim it against the first year allowance.

Hi everyone,

I bought my Model 3 P via my Ltd business and I'm picking it up from Birmingham on Friday.

Has anyone figured out how to insure a car owned by a UK ltd business? Do you need special company insurance and does the policy need to be in the name of my company or should it be in my personal name.

If it's special business insurance can you still deal with direct line, admiral etc, or is there some better options?

Direct Line/Churchill will not put the insurance in a company name and has to be a person, you can however put that it is a company car and this will cover the car as long as you have told them about it.

If you find a specialist insurer to put in a company name they will unlikely be letting you use any NCB that you have personally.

 

[drivingmrte5la]

What Rooster said is correct. You also couldn't get the VAT 'back' if the V5C is in your personal name.

I got quotes from Direct Line and Churchill and both said the below was an assumption of cover:

The vehicle is owned and registered by you, your spouse, partner or civil partner (not business partner), by your parent, employer or a lease company. Your documents will state that the policyholder is the legal owner and registered keeper of the vehicle. The vehicle must be kept at your address;

EDIT: As I'm a salaried director of my own company, I'm taking that to mean it's all good - I will double check when I call to confirm cover though, as I'd recommend to anyone.

 

[Benjamoon]

What Rooster said is correct. You also couldn't get the VAT 'back' if the V5C is in your personal name.

I got quotes from Direct Line and Churchill and both said the below was an assumption of cover:

The vehicle is owned and registered by you, your spouse, partner or civil partner (not business partner), by your parent, employer or a lease company. Your documents will state that the policyholder is the legal owner and registered keeper of the vehicle. The vehicle must be kept at your address;

EDIT: As I'm a salaried director of my own company, I'm taking that to mean it's all good - I will double check when I call to confirm cover though, as I'd recommend to anyone.

I'm also a salaried director, car is owned by the company and I'm the registered keeper so think we're in the same boat. All I've really got to go on currently is the "SOLD TO" box on the final invoice. It has my ltd company name and the VAT number. The address is my home address, but I think that's fine because we have multiple offices for my work and my home address is one of them.

The "DELIVERY ADDRESS" box has my personal name, plus the Digbeth SC address.

Sure it'll be fine!

Just had a call from tesla btw, to confirm I'd paid (I've sent full payment by CHAPS today), she said they don't ask for insurance documents when handing over the car (even though that's stated on their site), they just check your card licence and nothing else.

She also said I'd get the reg number tomorrow.

 

[pjuk]

This is why Tesla recommended having “care of” on the V5C. It then covers all the bases. And yes the ownership is the company as per the invoice.

[edit] and remember the V5C is not proof of ownership - it’s just the one who gets all the parking and speeding tickets

 

[stuff]

I bought my Model 3 P via my Ltd business and I'm picking it up from Birmingham on Friday.

Congrats, I ordered A M3P recently and have yet to get any idea or scope on when to expect delivery. Can I ask when you ordered? They were vague on the phone (I'm also getting delivered to Birmingham

 

[futurecat]

Hello lovely people.

I am in the same boat i.e. I am the sole director of a small ltd company and am purchasing a SR+ as a company car.

My company has a registered address of X (an address that I have never actually been to, but it is something used by the accountants),
which is different from my correspondence address of Y (this is where I actually live).

At the moment my Order Agreement with Tesla states the following:

"Company Name Ltd e.g. Acme Ltd
My Full Name e.g. Wile e Coyote
Correspondence Address Y" e.g. 29 Acacia Road, London


Does anyone know if the above is enough for a) HMRC to accept this as a company car purchase and b) for me to be able to insure the vehicle.

Hope you can help.

Many thanks!

 

[MrBadger]

Just had a call from tesla btw, to confirm I'd paid (I've sent full payment by CHAPS today), she said they don't ask for insurance documents when handing over the car (even though that's stated on their site), they just check your card licence and nothing else.

So how many people are driving away untaxed?

Insurance is needed to tax a vehicle (even if its free) so at what point is it taxed? When it is registered, if so, when is that in the delivery cycle?

Check if a vehicle is taxed can take a few days to show

 

[drivingmrte5la]

Does anyone know if the above is enough for a) HMRC to accept this as a company car purchase and b) for me to be able to insure the vehicle.

Realistically you need to speak to your accountants, but FWIW the car doesn't have to be kept at the same premises as your main business address, BUT you don't want to give HMRC any ammo to investigate you or your use of company assets. I'd suggest changing your business address to the address where you actually do business.

Main point: Speak to your accountants.

 

[Benjamoon]

Congrats, I ordered A M3P recently and have yet to get any idea or scope on when to expect delivery. Can I ask when you ordered? They were vague on the phone (I'm also getting delivered to Birmingham

I ordered 17th of May, but had a reservation from last summer.

 

[Rooster6655]

This is why Tesla recommended having “care of” on the V5C. It then covers all the bases. And yes the ownership is the company as per the invoice.

[edit] and remember the V5C is not proof of ownership - it’s just the one who gets all the parking and speeding tickets

Fair enough makes sense as long as the company name is there!

 

[Roy W.]

All I've really got to go on currently is the "SOLD TO" box on the final invoice. It has my ltd company name and the VAT number.
The "DELIVERY ADDRESS" box has my personal name, plus the Digbeth SC address.

Apologies in advance, as this query is nothing to do with Ltd companies!

I just noticed the above section about addresses, and I’ve realised that my final invoice has got my home address down for both the “SOLD TO” address and the “DELIVERY ADDRESS”. There is no mention anywhere of the Stockport SC, which is my nominated collection point.

Are others seeing this too on their final invoice, or are Tesla going to deliver it to my door?

 

[Benjamoon]

Quick update. I got a direct line quote online, then called them and they changed the car owner to be my company on the quote. It didn't affect the price and all I have to do now is add my reg plate when I get it and then I can pay online to complete.

FYI, it was £890 for the year with 9 years no claims. Model 3 P+.

 

[Rooster6655]

FYI, it was £890 for the year with 9 years no claims. Model 3 P+.

Good price for you, mine was £1500 for the P+ with 13 NCB Protected!

 

[pjuk]

Good price for you, mine was £1500 for the P+ with 13 NCB Protected!

Without sounding like a sleazy internet chat up room...A/S/L? (not that sex has anything to do with the quote)

 

[KJWS]

Hi everyone,

I bought my Model 3 P via my Ltd business and I'm picking it up from Birmingham on Friday.

Has anyone figured out how to insure a car owned by a UK ltd business? Do you need special company insurance and does the policy need to be in the name of my company or should it be in my personal name.

If it's special business insurance can you still deal with direct line, admiral etc, or is there some better options?

I'm sure there's a few of us in the same boat so thought I'd start a distinct thread.

Thanks,

Ben

Exactly same position as you- just added my M3 to my multi car policy on Admiral no problem. Owner of car =Ltd Company - (essential for tax relief). Registered Keeper can be you or the Ltd company- Admiral accept either. Main Driver - me. Registered keeper in my accountant’s words is ‘just the who gets the fines in the post’. The only difference in policy to my current non company car is that, if I’m no longer registered keeper, I can’t drive any car under the policy.
Also nb - check out LV - my quote with them was really reasonable. They seem to get the Tesla safety features. (Will swap when my existing multi car policy up for renewal).

 

[Jason71]

What Rooster said is correct. You also couldn't get the VAT 'back' if the V5C is in your personal name.

I got quotes from Direct Line and Churchill and both said the below was an assumption of cover:

The vehicle is owned and registered by you, your spouse, partner or civil partner (not business partner), by your parent, employer or a lease company. Your documents will state that the policyholder is the legal owner and registered keeper of the vehicle. The vehicle must be kept at your address;

EDIT: As I'm a salaried director of my own company, I'm taking that to mean it's all good - I will double check when I call to confirm cover though, as I'd recommend to anyone.

If you are paying cash you won't get VAT back either way. VAT on cars is not reclaimable except in a few very specific circumstances and you having a Tesla as a company car is sadly not one of them. you can get 50% back if its leased though

 

[KJWS]

If you are paying cash you won't get VAT back either way. VAT on cars is not reclaimable except in a few very specific circumstances and you having a Tesla as a company car is sadly not one of them. you can get 50% back if its leased though

You can't claim the VAT back, but you can write the entire value of a fully electric car off as a capital expense in the first year - meaning you save 20% corporation tax on the value of the car.

 

[freekie]

You can't claim the VAT back, but you can write the entire value of a fully electric car off as a capital expense in the first year - meaning you save 20% corporation tax on the value of the car.

I’m about to setup a Ltd company but unfortunately will have already purchased M3 (possibly as little as 2 weeks apart!). Can I sell my M3 to my company and then write the value of to save 20% corporation tax?