Hey lovely members
I was wondering if you can give some advice!
Basically I used my Ltd company debit card to rent a car and also for the fuel
Since I have learnt my lesson (too late!?) I realise this will come under BIK rather than a business expense. Since the car rental+fuel is a huge expense bill, I was wondering what is the best way to deal with this? I have 2 options that i can think of:
Option 1: 'Reverse expense' the amount to the company account and then show it as an expense.
Option 2: Suck it up and just pay BIK tax
I did some research on HMRC website but there is no clear mention of Car rental expense!?
Many thanks
Clare
I was wondering if you can give some advice!
Basically I used my Ltd company debit card to rent a car and also for the fuel
Since I have learnt my lesson (too late!?) I realise this will come under BIK rather than a business expense. Since the car rental+fuel is a huge expense bill, I was wondering what is the best way to deal with this? I have 2 options that i can think of:
Option 1: 'Reverse expense' the amount to the company account and then show it as an expense.
Option 2: Suck it up and just pay BIK tax
I did some research on HMRC website but there is no clear mention of Car rental expense!?
Many thanks
Clare
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