If the car is leased by the company then there is no need to apportion the cost 50:50 as the tax would be paid on the benefits. Unlike a soletrader a company can not have personal use of assets and hence the entire cost of providing the car can be claimed as an expense in the company's accounts.
You can only claim 50% of the Vat even if there is only 1% personal use.
You can not claim the 45p per mile.
You can have the company pay for the fuel and pay tax on this fuel benefit. However it may be advisable to do a cost-benefit analysis before deciding on who pays for the fuel.
You are correct on the last point.
By the way, OGA did point out the other issues involved with the < £8,500 scenario.
There is no need to reverse the wages for April and May. (In fact under the RTI system it is not even possible). Why not reduce the wages going forward. May be no salary for June and July (I do not know the amounts involved so might be a bit vague here).
When you restored the data set you probably omitted to highlight the RTI files in the second step of the restore wizard which would explain your situation. Restore again and select the RTI Files this time. You will see that the "Last FPS date" column is now populated with the dates of the last FPS submission. I would then submit an FPS adjustment.
My answers
CTA
Chartered Tax Adviser
@Carolynne
If the car is leased by the company then there is no need to apportion the cost 50:50 as the tax would be paid on the benefits. Unlike a soletrader a company can not have personal use of assets and hence the entire cost of providing the car can be claimed as an expense in the company's accounts.
You can only claim 50% of the Vat even if there is only 1% personal use.
You can not claim the 45p per mile.
You can have the company pay for the fuel and pay tax on this fuel benefit. However it may be advisable to do a cost-benefit analysis before deciding on who pays for the fuel.
You are correct on the last point.
By the way, OGA did point out the other issues involved with the < £8,500 scenario.
Why reverse?
There is no need to reverse the wages for April and May. (In fact under the RTI system it is not even possible). Why not reduce the wages going forward. May be no salary for June and July (I do not know the amounts involved so might be a bit vague here).
Thanks guys
Thanks for the replies so far
In the trading profits section
Trading profits - Adjustments to trade profits tab - Less: Amounts taxable under other schedules - the first box therein.
Hope it helps.
Euan?
Euan any views? Being our resident PAYE expert.
Will be there on Thursday morning. Just to see what's new in the world of accountancy. Will definitely swing by Aweb corner.
Restore problem
When you restored the data set you probably omitted to highlight the RTI files in the second step of the restore wizard which would explain your situation. Restore again and select the RTI Files this time. You will see that the "Last FPS date" column is now populated with the dates of the last FPS submission. I would then submit an FPS adjustment.
Three years before sale? Not any more
Just as an aside - from April 2014 the last 18 months will be deemed as owner occupied.
NCA
SOCA has actually been changed to National Crime Agency (NCA).