Directors payment towards car use

amkalipso Registered Posts: 1 New contributor 🐸
Hi, I have a situation where the company bought a car by hire-purchase agreement.
The car listed price is £143 900. The hp loan is £50000.

But Company Director has paid from his personal bank account £20000 to the HP company and £20000 to the company bank account as a refund for the car purchase, so it looks like he owns part of the car, or this can be seen as a payment towards the car use, as he will be using the car for private and business trips.
The remaining balance was paid from the company account to the Hire Purchase company.

The maximum allowable capital contribution is £5000, so can the remaining £35000 paid by the Director be treated as a one off payment towards the use of the car and can this be taken off the listed price when calculating the cash equivalent of the benefit in kind? This would result in £0 benefit cash equivalent. Please can you help?
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