I'm sorry, what was the question again?
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Is business car insurance taxable as BIK?
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Originally posted by wattaj View PostI'm sorry, what was the question again?
Originally posted by cannon999 View PostHave to resurrect this thread.
I have opted for going for personal cover rather than business cover (as business is more expensive).
Can the company reimburse me for car insurance in this case? (Car is registered to the business and I am the director) If it can - is there BIK attached? Any links to info would be useful - I have tried googlingmerely at clientco for the entertainmentComment
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Originally posted by Lance View PostI'm not sure why you'd do it any other way.
At a guess:
1. Lease electric car through company = zero or very low BIK
2. Personal insurance is cheaper than business insurance, so only get personal insurance.
3. He paid for the insurance personally, but now he wants to claim back 100% of it from his company.
What he has admitted:
The car is 80% personal use.
It's therefore a company "asset"/expense where the majority of use is unrelated to the company.
The personal insurance policy he has specifically excludes cars that are on a company lease. They must either be privately leased or privately owned.…Maybe we ain’t that young anymoreComment
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