It appears that you are a LTD because of the Issued Shares, therefore the car and the loan belongs to you not the company.
Does that mean the company should not be paying for it even though its used full time?
That depends on local law. If your business owns the vehicle, it will probably be a fixed asset. If you only use a personal vehicle for business reasons, there is probably an expense deduction based on distance travelled. In that case, use expense claims to record your personal expenditure for business purposes. See this Guide: https://www.manager.io/guides/6898.
So what should i do with the suspense as they are the car repayments?
The company could be paying as a re-imbursement to you but not as the owner as it doesn’t own it.
1 - You could rent the car to the business similar to Avis / Hertz, business pays all expenses
That rent would be personal income but you would claim any loan interest / depreciation to offset that.
2 - You could charge a per klm usage but then all the car operating expenses would be in your name.
That would only be applicable if the business wasn’t paying for any operating expenses directly - fuel, insurance, servicing - but I suspect it is, so any expense claim based on mileage would be doubling dipping.
That will depend on how you plan to resolve the ownership situation.
@Ashuraya, I recommend spending a little money to obtain consulting advice from a qualified local accountant about vehicle use and expense charging. Use of personal vehicles for business purposes is often a trigger for audits by tax authorities, because abuses of regulations are common. You need to make sure you handling the vehicle correctly as a fixed asset–or not, charging expenses correctly based on how you are treating ownership, and using or not using distance allowances. A simple view from outside suggests you are doing at least some of this incorrectly, or you would not have anything in Suspense. Waiting to sort out the correct procedures will only make it more difficult to sort out at tax time.
I get it now.
Appreciate all your help both of you. I will speak to an accountant to get it sorted.