Toya Braskett: This is a question best answered by your tax accountant. It will depend upon the type of company you have and how your taxes are set up. When I had my own business I had it set up as an "S Corporation" and buying the car and leasing it to the company worked best. However that may not be the answer in your case. Your tax man should be able to tell you what works the best for your situation.
Cassey Hollinghurst: Half of all company car drivers also receive free fuel for private use. ... regardless of what they earn; Pool cars used by more than one employee for their work are ...
Iris Shawcroft: If it is used as a pool car and any staff use it for travel between work and home and vice versa, The journey is treated as a taxable addition and must be declared (or at least, it was).I was in a similar situation in one job that I did and refused to use the pool car as such, using my own car for home to work journeys, collecting the pool car from work, ! thus avoiding the resultant paperwork.I assume that the same situation exists, so would suggest checking out ALL possible taxation situations. ...Show more
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