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A few years ago my firm was appointed to act for a local finance company which is called Cook Finance Co Ltd and also to act on behalf of its director/majority shareholder Alan Bertram Cook.
Mr Cook has a company car and the business has also just purchased a car registration plate which is ‘123 ABC’.
The cost of the plate was substantial and Mr Cook is suggesting that this should be a business expense on the basis that he is well known in the local community and this number plate is effectively advertising for the company.
I am not entirely convinced by this argument and would appreciate readers’ thoughts here.
Can the company recover the VAT input tax and make a claim for say capital allowances or other tax relief on this cost or how exactly should this be treated? And is there a...
