Close company hands out credit cards to its directors. Directors use the card to put fuel in their private cars and to cover repairs etc. The private cars are used for both business and private travel. No mileage allowance is claimed.
What is the tax and nic position?
Is it?
Cost of goods and services added to a p11d at year end
Put monthly cost through the payroll
Treat as net pay and gross up
?
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Replies (2)
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Suspect it's P11D. What's happened in the past? Do they claim for business use? Would AMAP be more tax efficient?
Box E on P11d
That's where it usually goes - that said normally the directors have some claim against it for biz miles and just the excess in Box E. (If small company and not many directors I have used loan accounts before that is then cleared by dividends)