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Renting car space

  • 03-11-2016 09:42AM
    #1
    Durdel
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hi there,
    My partner and I are directors in small business transport company which we run from my house.
    Can I as the owner/occupier charge the company vehicle parking space, is there a tax free bracket and how do I as a PAYE earner pay taxes and social charges/at what rate?
    Thank you for your advice.
    Durdel


Comments

  • #2
    Stationmaster
    Registered Users, Registered Users 2 Posts: 1,055 ✭✭✭Stationmaster


    If you are drawing a salary as a director from the company then any tax free allowance you have will be used up there i'm sure. You can charge rent to the company in your personal capacity but must return it yourself as income on your form 11. The tax due on this will all depend on what credits etc you may have left over, if any, from your directors salary. Be aware that if you a proprietary director then you will not be entitled to the PAYE tax credit.


  • #3
    Durdel
    Registered Users, Registered Users 2 Posts: 2 ✭Durdel


    Stationmaster wrote: »
    If you are drawing a salary as a director from the company then any tax free allowance you have will be used up there i'm sure. You can charge rent to the company in your personal capacity but must return it yourself as income on your form 11. The tax due on this will all depend on what credits etc you may have left over, if any, from your directors salary. Be aware that if you a proprietary director then you will not be entitled to the PAYE tax credit.

    Thank you,
    I am not receiving a director's payment, so I guess this goes on form 11. What I was worried about was a possible conflict of interest.

    Cheers for that


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