Company car - how to account for private fuel?
A company car is going to be provided to an employee. Only business mileage will be reimbursed.
It is likely the employee will pay for fuel on the company credit card so my question is how the private fuel will be paid for as the company will not be paying for this.
Is the easiest way to allow the employee to put all fuel on the company credit card, and record business trips. At the end of the year, the mileage logs for business can be compared against the mileage on the car speedometer and then the employee can pay back the personal fuel amount used to the company.
Would this be the best way to account for the private fuel or what is the norm in this situation?
- Dividends from UK plc - tax years and dates 74 2
- Help 128 9
- What do people do with signed accounts/engagement letters/tax returns? 204 9
- Where has Portia gone? 5,025 109
- Overlap profit 292 7
- Moneysoft or Sage payroll with auto enrolment? 318 6
- RTI Payroll ID 2,060 25
- What is the correct Vat treatment and rate to use to record a business stay in a hotel in the EU? 119 1
- Payments on account 178 2
- Recurring Revenue/Costs occurred before registering, how do I handle this? 74 1
- What do your junior staff do? 522 7
- OMG HMRC !!!! Employ some ppl!! 648 12
- Keeping disastrous accounts 413 5
- Is my client risking reputational damage? 535 10
- VAT Exemptions for Dance Education 130 1
- Getting fees, getting harder? 3,941 74
- In pratice using part time accountants 348 3
- On the high seas 113 1
- Entrepreneurs Relief Shares Received as Part of Divorce Settlement 147 2
- Spousal transfer and PPR 858 34
- Services via intermediaries and new HMRC reporting requirements 853
- How hard is it to reduce a code? 445
- Sanzar 341
- How do you do it 337
- Digital marketing focus group 312
- Kashflow balance sheet difference 296
- Bed & Breakfast trade via Limited Company 210
- Fit for purpose 203
- new investor structure 200
- VAT Registration 181