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taxi driver trading as ltd company

taxi driver trading as ltd company

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A taxi driver who is also a director of the company and one more employee.

Car was owned by director and purchased through a finance company and installments paid by company. This will arise BIK to the director?

Vehicle purchase cost, fuel (no mileage records kept), insurace, parking, car maintenance was paid by company.

Which expenses are allowed for CT purposes? Legal way of meeting company and director obligations?

Any suggestions will be appreciated.

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By memyself-eye
29th Sep 2020 14:07

I'm not an 'exper' but I do know he needs an accountant.

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By MNM
29th Sep 2020 14:51

Thanks for the suggestion, assuming you are an expert with an extra "t"

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By paul.benny
29th Sep 2020 14:31

+1

All sorts of muddles possible plus penalties if returns are not being filed.

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By SXGuy
29th Sep 2020 14:53

Doesn't have to be a bik charge. The payments could be a loan?

Get an accountant.

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By MNM
29th Sep 2020 15:00

car payment was a loan which expenses are deductible for tax purpose?

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By SXGuy
30th Sep 2020 10:46

Possibly fuel and parking but doubt much else.

I'd rather not comment any further as I don't know the set up and unsure if these payments could be a loan repayment or a payment as a loan, it could be any situation, best to speak with an accountant who can check the Ins and outs of the company and determine the payment status.

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RLI
By lionofludesch
29th Sep 2020 15:27

They're not benefits in kind.

They're either loans (or possibly repayments of a loan, depending on who owes money to whom) or they're pay which'll need grossing up.

Check what the Board minutes say about these payments.

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