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Transfer van in to Limited Company

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  • 26-08-2022 10:45am
    #1
    AF23577
    Registered Users Posts: 1 ✭


    Hello,

    I have just set up a limited company and had to buy a van before I set up.

    I took a personal loan to purchase the van as I had not set up the company until a few weeks later.

    I'm wondering if it is possible to transfer the personal loan in to the company and transfer the van in to the assets? What would the journal entry be and can the interest be recorded as an expense through the company? The van is solely for the business.

    I also want to claim the VAT back as I am now VAT registered.

    Any advice would be appreciated. (I will be getting an accountant soon but setting up the accounting system in the next few days).

    Thanks

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    #2
    kennethsmyth
    Registered Users Posts: 1,188 ✭✭✭kennethsmyth


    You should be able to transfer in the van like you putting capital into the company (but being paid back immediately). Unfortunately I think (unless someone else has a method) the vat situation is gone past the point where you could reclaim the vat. Essentially you purchased the van including vat as a non-vat registered person and would be selling the van to the company as a non-vat register person so the company could not claim the vat. You could set yourself up as vat registered but it wouldn't help the situation as you personally would have to pay over the vat to revenue on the sale of the van to the company.



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