Hello Everyone,
I was hoping that I could get a bit of help understanding the Benefit in Kind slightly better.
My family have a LTD company which has two directors being the parents, I am looking to lease a vehicle which would be a commerical vehicle classed for both business and private use at roughly £260 inc VAT (we are not VAT reg). The P11D is £28,558
My main question here is how would it affect myself or the company if I was to pay the company £260 p/m for the duration of the lease? I would just like a better understanding before looking further into it.
Any help would be appreciated.
Many Thanks
I
Replies (1)
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Paying the lease will not avoid the benefit.
The benefit will be reduced by the contribution. This may still result in a tax charge.