Buying a car in Finance Lease (NOT HP). The car is purchased in the Partnership name and he pays £363/month.
As a finance lease we cannot capitalise it, so just record this £363 as a normal expense in the P&L.
I hope that I’m right if not correct me please.
And also, as it is bought in the PARTNERSHIP name and the partners are using the car.
So do we need to consider benefit in Kind? (I don’t think so, but correct me please)