live got myself totally confused I think and not sure how to deal with this.... a company director is buying a car on finance. The car is in his name but the repayments are coming out of the business bank account. He has has told me that his previous accountant said all the running costs and the loan repayments are an allowable expense as he is leasing the car to the company. Is this correct?
I would think that if all the expenses are being claimed then it would constitute a company car and the director would suffer tax under benefit in kind rules and the company class1A nics at 13.8%
Thank you for clearing that up. This client is really good at trying to confuse me. I think he makes it up as he goes along and thinks because he says so , its an allowable expense. Just doing his accounts and you wouldn't believe what he is trying to claim for. Even put it all a lovely spread sheet for me.....(twit)
