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A collection of 5 posts

Understanding the Differences Between Company-Owned and Privately-Owned Vehicles for Expense Reporting

Understanding the Differences Between Company-Owned and Privately-Owned Vehicles for Expense Reporting

As a small business owner or self-employed individual, you likely use your vehicle for both personal and business purposes. But when it comes to reporting expenses related to your vehicle, it's important to understand the differences between company-owned and privately-owned vehicles. The Internal Revenue Service (IRS) defines a company-owned vehicle

Employee Private Car vs. Company Car - Which is Better for The Employer?

Employee Private Car vs. Company Car - Which is Better for The Employer?

Providing a company car to employees can have many benefits, but it also involves significant costs, risks, and overhead for the employer. As an employer, you should carefully consider the specific needs of the business and its employees before making a decision on whether to provide a company car.

IRS Fringe Benefits: Personal Use of Company Car

IRS Fringe Benefits: Personal Use of Company Car

In the US, the IRS lists 4 alternative methods for calculating the value of the personal use of a company car.

Private Use of Company Car: Tax Rules in the UK

Private Use of Company Car: Tax Rules in the UK

In the UK, if you use a company car for personal use, you may be required to pay tax on the benefit of having access to the car and/or the fuel costs. This is known as a Benefit in Kind (BIK). Business vs. Private Use of a Car The

How to Save Taxes on Personal Use of Company Car

How to Save Taxes on Personal Use of Company Car

What is the "personal use" of a company car? When you drive a company car, the "personal use" is the mileage you drive for personal purposes and is considered a benefit in kind, or extra income, from a tax perspective. As such, the "value" of the private use of the