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)?
- Are solicitors worth the money? 1,321 13
- Does the AR01 reflect the actual money invested in a company 64 4
- Can we learn from the financial services industry? 204 8
- Spam blocking 438 27
- A little silliness 259 3
- Just for fun. 822 27
- Is interest still due? 54 1
- AccountingWeb is unworkable 319 2
- How long to process paper 64-8 (SA)? 127 2
- Ex-gratia payments 280 6
- Splitting PAYE tax code between two jobs both with variable hours 117 4
- Director needs to withdraw 45k lump sum from company 345 6
- HMRC & daft penalty 615 6
- TOMS - the other side of the fence 131 2
- &^$%ing Mollom? 230 2
- Employment status 268 4
- Has auto-enrolment tipped the scales? 147 1
- P11D help 120 2
- VAT on purchase of plant from Germany 147 4
- Contract Hire Van, reclaiming input VAT 141 1
- Theatre Tax Relief 489
- Has anyone been affected by the RBS payment breakdown? 383
- Windows 10 on-going support ... 374
- Straight line write off of Purchase Goodwill ??? 348
- Perkbox 313
- Self Assessment - What to enter on the return 309
- Compensation - Taxable or not then CGT or IT 273
- FRS 102 compliant illustrative accounts for an insurance company 271
- Document Management Systems 253
- WIP Software 236