private use adjustment

Jmann
Jmann Registered Posts: 68 ? ? ?
A partner (trade as a partership) bought a car on HP and 25% is the business use. Interest and capital are paid through partnership accounts. Do you have to apportion between private and business use i.e. disallow 75% private use?
Thanks

Comments

  • T.C.
    T.C. Registered, Tutor Posts: 1,448
    I would say yes. The private use element would need to go to the particular partner's current account to show that this is his expense and drawing though, not a joint drawings figure.
Privacy Policy