Allowable expenses after minor vehicle accident in car park
An employee driving a company van on company business accidently reversed into another vehicle in another companies car park.
The damage was minor, but marginally more than the insurance excess. If the damage is claimed on the vehicle's insurance, the following years premium would rise due to loss of NCD. The employee may lose NCD on his own personal insurance.
I understand that parking/speeding fines cannot be claimed as an expense, but, in this case, if the matter is settled privately by the company, what can the company legitimately claim against tax.
Privately dealing with this is in the best financial interests of the company.
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