Morning all,
I have a director / only shareholder who is older than 65
She is getting a new lease car and for any costs to her, she has asked me to gross up her salary and raise it. Assume it's 40%
She has asked me to find the most cost efficient method to the company, either by;
- Company Purchase of the car - Gross adjustment for BIK, or,
- Individual purchase - Gross Salary adjustments for repayments
A couple of areas I would like to check?
NIC is not paid by the employee because
- employees do not pay NIC on BIK?
- employees over 65 do not pay NIC?
- Does this differ for a director / only shareholder?
Lease Purchase payments are allowable for corporation tax?
Any help would be gratefully appreciated.
Regards
Matthew
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