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Motor dealer and car benefit in kind

I have been asked to look at a used car dealer and a question has come to mind:

whilst the director owns his own car, as does his wife, he also uses stock vehicles.

It is years since I dealt with a car dealer and back then, we came to an agreement with the local Inspector on an an average car on which to base the BIK. 

Is this still possible or is a detailed log of cars used required with countless changes throughout the year?

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Scheme for car dealers

Yes, there is still a special scheme for motor dealers. See HMRC guidance in the Employment Income Manual starting at EIM 23800.

Ray

www.claritaxbooks.com

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