Corporate Vehicle Expenses - What You Need to Know Before Claiming the Expense
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- Published: Friday, 17 July 2020 21:27
Many small business Owner-Managers use their personally owned vehicle in performing the every-day duties of their incorporated business. This is an approach that often makes sense where the nature of the business is such that there is no need for a separate, corporate owned vehicle. In these cases, owning a vehicle that is used for both personal and business purposes in the owner’s personal name, instead of in the corporation, helps avoid the potential shareholder benefit issues that can arise where corporate owned vehicles are used for personal purposes.
