How to Add a Vehicle to Your Limited Company's Accounting

Are you considering buying a car for your limited company, or have you already purchased a vehicle for business use? Or perhaps you're thinking about getting a leased vehicle?

The accounting treatment of a vehicle depends on whether it is used exclusively for business purposes or also for the personal use of the entrepreneur or an employee. If the vehicle is available for personal use, it creates a taxable company car benefit (either a free company car benefit or a car usage benefit) that must be taken into account in the individual's personal taxation.

Adding a vehicle owned or leased by your limited company to your company's accounting records is easy with your UKKO customer account. In this article, we'll explain how to add a vehicle step by step.

Documents Required to Add a Vehicle to Your Accounting Records

• Purchase agreement (bill of sale), including, where applicable, a breakdown of the vehicle's VAT deductibility. 

• Vehicle registration details from the Finnish Transport and Communications Agency (Traficom), showing the owner and the vehicle's intended use. 

• Financing agreement or payment plan, if applicable. 

• Leasing agreement, if the vehicle is leased.

All uploaded documents must be in PDF or image format.

If you are switching to our service from another accounting firm, it is sufficient to attach your balance sheet showing the vehicle(s) separately itemized.

How to Add a Vehicle to Your UKKO Customer Account

• Go to your customer account and navigate to: Settings → Vehicle Details → Add vehicle:
  
  
• Complete all the required vehicle information:
  • Vehicle registration number. 
  • Vehicle type. 
  • If the vehicle is provided as a company car benefit, enter the relevant details:
    • Select the correct benefit type.
    • Confirm the company car benefit reporting obligation.
    • Specify which individual the vehicle benefit is assigned to.
      
      
    • Confirm that the vehicle is registered in the company's name. 
    • Upload the requested documents and agreements. All files must be in PDF or image format.
  • Save the vehicle information.

If your company has multiple vehicles, the details for each vehicle must be added separately.