Dear all, I got a client of mine who is a Limited Company and uses his friends car for his business. The car registration card has his friends name on it but is used by my clients business. No rent or any payments is paid to the owner of the car for using the car in the company.
My question is can the Ltd company claim all motor expenses? or just Business milleage expenses? If this perfectly accepted from tax point if an agreement is drawn between the owner and the company?
Is there any tax consequences as the result of this?
I would be grateful if someone can share their views on this.
Thanking you in advance.
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