LLP and partners expensive leased vehicles

LLP and partners expensive leased vehicles

Didn't find your answer?

Hello

The partners in an LLP have expensive leased vehicles and the partners do use their vehicles personally.

1. Does the expensive lease addback at 15% apply?

2. Are there any further adjustments to taxable profits required for personal use if 1. is/isn't applied?

Thanks

Replies (1)

Please login or register to join the discussion.

By Steve Kesby
19th Sep 2012 11:58

Probably and yes.

1.  It no longer matters whether or not the car is an expensive car.  If it has CO2 emissions of more than 160 g/km (reducing to 130 g/km after next April, I think), then you apply the 15% restriction.

2. Yes.  You need to restrict all the costs of having and running the car in respect of the proportion of private use.

I hope it's not an LLP that provides the services of its staff and partners on to a limited company?

Thanks (1)