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Free Use of Company Assests for Close Company

Umiq88 · 2018-12-03 17:03:31

Is there a restriction for free use of company assets within a close company? Example A motorcycle less than 410kg is not considered a company car. I'm assuming then it's treated as free use of company assets... Can a close company therefore purchase a motorcycle and an employee of that company use it privately and pay…

03-12-2018 5:03pm

#1

Umiq88

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Join Date: May 2005

Posts: 1320

Is there a restriction for free use of company assets within a close company?

Example
A motorcycle less than 410kg is not considered a company car. I'm assuming then it's treated as free use of company assets...

Can a close company therefore purchase a motorcycle and an employee of that company use it privately and pay PREM at 5% market value?

What happens with tax and insurance and fuel costs?

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