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?
- Fixed asset registers 302 10
- What is the best blog for practitioners to follow? 356 7
- Tech Champion of the Year 261 6
- Xmas party 126 1
- Just because it's Friday 298 6
- Playstation 4 - Allowable expense or not? 3,362 66
- Inheritance Tax - Simple Question 155 4
- Non-resident employer & employee 108 4
- Capital Allowances 161 4
- equipment rental 221 10
- Acquisition by company 119 5
- Non sequitur 544 7
- Client using boyfriend's personal account 1,505 23
- R&D on products not sold 101 3
- Distance between Postcodes in Excel 931 13
- Under Cash Accounting rules how do I account for a credit note issued outside the Corp Tax period? 198 4
- Quirky thread of the year: Community Awards 646 9
- Transfer of land to family members 104 2
- The complete uselessness of the British banking system 593 11
- The process of issuing dividend? 222 6
- Desperately seeking Susan, Sam or anyone with any other name 1,368
- Darwinpay Partnership Assessment 437
- Alphabet shares 241
- Agent fees to sell business 231
- ACCA continuity of practice arrangement needed 230
- Charge out rates in London 185
- How to reclaim VAT for a non-EC UK visitor 169
- which entity 151
- UK tax regime 'attractive' to investors, says KPMG 142
- confusion about 141