Hi, my small (me and my husband) private limited company was considering leasing an electric company vehicle last year and we bought a personalised plate ready for it (personalised to the company name, not our names) as it was both available and cheap! As it has to be attached to a vehicle, it’s currently on our private family car. Our company name is made up of 2 regular English words, so the plate has resale value outside the company. I think this means it counts as an intangible asset. However, I’m certain it doesn’t qualify as equipment for AIA, nor does it really count as a vehicle running cost, ‘sundry’ or the main pool to be depreciated either, as it doesn’t really lose value. I guess it’s more like if we’d bought a painting for the office. I have no idea where to put it for accounting. Can somebody help please?
If I was in your situation I would treat it as an intangible asset and would capitalise as such on the balance sheet.
Any VAT would be reclaimed as it’s personalised to the company name.
No depreciation as there’s no defined useful life and the value is low, so probably won’t decrease any further in value.
This is just my opinion and not qualified advice.
Hi
It’s probably best to speak to a qualified accountant.
But if you want to treat it as an asset and you think non of the available nominal codes match, you can easily create a new nominal code and call it registration plate or so.
https://support.quickfile.co.uk/t/adding-a-new-nominal-account/8882
Hope this helps
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