Q. I have come across a situation where a partnership owns a car but all the running costs have been paid by one partner persona
28 August 2012
…If the majority of miles are business miles, is it best to show the car as an asset and declare it on the P11D or for the partner to charge mileage allowance and count the car purchase as a
…If the majority of miles are business miles, is it best to show the car as an asset and declare it on the P11D or for the partner to charge mileage allowance and count the car purchase as a loan. If you could assist it would be greatly appreciated.
I must admit to being rather confused by this question. If the car is a business asset then there is no...