Buying company car from my business

C

CrossFlares

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Hi, I bought a car through my company about 7 years ago. It wasn't brand new but fairly new and low milage. It made sense then but it doesn't make sense now as I'm still paying the BIK on it at it's OMV.

I now plan to buy the car from the company. On Carzone and in dealerships similar cars are going for around €12k-€15k. My car has high milage, a fair few dents and scratches. Let's just say there's been plenty of wear and tear.

One garage has estimated €6k and another €7.5k. I obviously don't want to get in trouble with the Revenue and as tempted as I am to just pay the company the lowest value for the car - is it best to take the mean value/average value. I want to be as compliant as possible. Any advice greatly appreciated.
 
There should be a valuation on your books.

Revenue have no interest in minor differences. You could also bring it to Merlin car auctions and see what they suggest at auction.

I suspect a high mileage car with a few marks won't be in much demand and once the book value is under the price you are paying and that price has some credibility, you've nothing to be concerned about.
 
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