Operating Lease - Car
JamesB
Registered Posts: 51 Epic contributor 🐘
Hello all,
if a director of a Ltd co hires a car under an operating lease in her name (not the company name) and pays for it personally, can she claim say 50% of the repayments and vat as a business expense as the car will be used 50% for business?
If the answer to the above is yes are there any BIK implications seeing as it is an operating lease, thus not a company car.
Thanks in advance,
J
if a director of a Ltd co hires a car under an operating lease in her name (not the company name) and pays for it personally, can she claim say 50% of the repayments and vat as a business expense as the car will be used 50% for business?
If the answer to the above is yes are there any BIK implications seeing as it is an operating lease, thus not a company car.
Thanks in advance,
J
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Comments
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I think VAT is strictly based on who the invoice is made out to so I would say no (which eliminates theBIK question).
Can't it be changed to the company?Hello all,
if a director of a Ltd co hires a car under an operating lease in her name (not the company name) and pays for it personally, can she claim say 50% of the repayments and vat as a business expense as the car will be used 50% for business?
If the answer to the above is yes are there any BIK implications seeing as it is an operating lease, thus not a company car.
Thanks in advance,
J0
