Is car Benefit in Kind 50% each when joint users?
A couple who are both directors and work equally in a limited company business contract hire a car through the company.
Can the BIK be split 50:50 between them?
They both take remuneration up to the top of the NI Employers' Earnings Threshold, so both have some surplus personal allowances that could be offset against the BIK.
Both drive the car.
If it can be split 50:50, would it make any difference in a slightly different situation where both were directors but one did the majority of the work in the company (i.e. one full time and one part time)?
- Tolley UK sales number 159 5
- On line Remote Training 217 7
- Are agent account managers any good? 60 1
- Clients 573 11
- Intermediaries reporting - who does it apply to? 49 1
- Starting new accounting business 126 2
- Group Relief 53 1
- Practice Company Secretarial Software recommendations please 216 3
- Sage 200 vatable journal? 94 4
- Transfer of stock 241 12
- Can a Directors Pension be paid into a Ltd Company 125 1
- New client procedure 274 4
- Managing deliberate defaulters hmrc 235 2
- Does SMP and SPP go up if leave goes across 2 tax years? 305 10
- Enterprise relief 103 2
- Pre-registration VAT: can you reclaim VATon delivery costs incurred in the six months prior to registration? 165 4
- VAT flat rate scheme 396 7
- Virtually Impossible 599 12
- Registering as a director 114 1
- SSP days and Holidays 211 3
- QROP pension input amounts 488
- HMRC BENCHMARK EXPENSES 465
- write off loan or loan to equity swap or both 431
- EPS and CIS deductions 288
- Sole trade business in UK, but the owner works from EU 278
- Construction CIS LLP Company 272
- Stamp duty on house transfer between spouses 233
- SAGE winforecast 194
- LIVE: Budget aftermath webinar 177
- Overdrawn director account 163