Personal Car

[Mr_hanky]

Hi,

i have a repair bill of about 800 pounds, i am an IT Contractor with a limited company and the car is my own personal one. Is there any way i can pay for that bill via my company? I don't even give myself an 800 quid wage

or is there any other means to pay for it rather than dipping into my savings?

[ratewhore]

The mileage your Limited pays you covers wear and tear.

Having said that, you can put whatever you like through the books. Whether HMRC would agree with you is another matter...

[chris79]

I think the answer would be no. Using company funds to repair your personal car, can't see it being a legitimate expense. Call HMRC and see what they say?

[Bluebird]

pay your self a divi for £800.
job done.

[malvolio]

Your car, your cost. That's why you charge mileage. Take a divi to cover it if you have to. Or bill it as an expense but declare all of it on your SA form and pay the tax on it. Divi is more efficient.

Rule 1, repeated many times - do not confuse YourCo money with Your money. That leads to free accommodation and group showers...

[Advocate]

Your car, your cost. That's why you charge mileage. Take a divi to cover it if you have to. Or bill it as an expense but declare all of it on your SA form and pay the tax on it. Divi is more efficient.

Rule 1, repeated many times - do not confuse YourCo money with Your money. That leads to free accommodation and group showers...

Where's the downside? That sounds ideal to...oh....i see....