Originally Posted by Whirlygig
An asset "available" for use can easily be got round! .......If the cost of private use of the asset is reimbursed to the company, then there is no benefit in kind.Whirls
From bitter personal experience, Whirls, that is untrue when it comes to 'luxury' company assets like aeroplanes and yachts.
Agreed there can be no benefit in kind if: a) the asset is not made available by the company for your personal use;
and b) you don't actually use it in a personal capacity! The problem arises when some personal use is made ... whereupon the Revenue will assess the b-i-k not on the 'cost' of your actual usage but instead on the 'opportunity value' of its year-round 24/7 availability to you. Any monies paid by you to the Company for 'rental' of the asset can of course be netted-off their b-i-k calculation.
My direct experience and that of others I know is of the Revenue starting with a truly extreme position but being prepared to negotiate down from that. Where they end up is, I believe, very much at the discretion of the individual Inspector (or, at least, it used to be). I saw no evidence to suggest my Inspector was working to quantitative guidelines, but that was quite number of years ago and maybe things have changed.