If you use a car for private purposes through a company or trust structure you could be liable for Fringe Benefits Tax. To avoid this we recommend to our clients to make a contribution to the company or trust for the private use of the vehicle. To calculate this contribution your accountant needs the odometer reading as of 31 March each year. Please take a reading on 31 March, and include the odometer reading in the documentation you supply to your accountant when they do your tax planning and discuss how changes to the rates at which motor vehicle private use is reimbursed are affecting you.
If you would like more information on this please contact us.