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?
- sole trader employing his girlfriend 1,568 15
- Do I need to pay Capital Gain Tax 53 2
- Corporation tax - group relief on 75% subsidiary 100 2
- Do I need to report this to SOCA 448 7
- Unpaid company directors and self employment 154 2
- Mortgage interest claim on Buy to let hic up 388 2
- Dissolution of a LLP with ongoing HMRC Inquiry 152 2
- Any point writing to HMRC to appeal against self assessment penalties ? 426 13
- Real names 972 32
- VAT charge needed on van sale? 281 7
- Director forgot to take salary for 2013/2014 1,636 10
- Best apps for clients 172 2
- Theatre as charitable company 137 3
- Is a tax return required - rental income? 284 2
- Taxfiler - is it really good? 422 12
- Can the receivers fees be allowed for tax? 339 1
- Fixed Assets 184 2
- CGT on Sale of shop 174 2
- HMRC list of tax avoidance schemes 207 1
- Dividend payment date 2,048 36
- Proposed Amendments to IAS 1 574
- Property exchange - 8-year legal delay following fall-out 443
- Accounting for Insurance Premium Financing 349
- IFA incorporation 329
- Sorry ignore me 288
- Moving into own BTL property - allowable costs 268
- Will Ni be payable on the salary I receive abroad ? 255
- SAGE Payroll Data for Import to MS Dynamics AX 250
- Cancelled 192
- property ownership between husband wife three taxpayers 160