Here's a basic crib for what every company car manager and business car driver needs to know about the dreaded tax. Sneak a look if you're in doubt.
NOT too long ago, it was a very costly affair taking on an SUV as a company car – especially for the driver, where benefit in kind tax implications were extremely high. In many cases, they were so high that choosing a 4x4 SUV was almost instantly dismissed by many company car drivers wishing to avoid high a BIK bill [...]
YOU can get business tax relief on the company cars purchased by your small business. Capital costs can be set against the taxable income of your company. There are three levels of capital allowances for company cars applicable from 01 April 2015: the lower the rate of the CO2 emissions, the quicker the tax relief. 100% capital allowances for company [...]
As the tax regime changes, so company car drivers are moving to low emissions cars that attract less tax IF you thought image and creature comforts were the driving forces behind a company car driver’s choice of vehicle it’s time to think again. There was a time when car specification was the number one influence, but now business [...]
Renault Zoe: faces electric car company car tax hike in 2015/15 based on the P11D value. And the P11D value of this car is over £27k! I WAS highly intrigued by David Wilkins’ car review of the Renault Zoe. You can read it here: Renault Zoe car review – electric motoring for the price of a Clio. In [...]
Changes in capital allowances and the company car tax escalator are both making hybrids look more attractive company car options.
Company car; or private car with business use? It's a familiar question - if complex. You run a small business - and you need a car for business. Should your company run the car? Or should you buy a car privately and then re-charge the company for business mileage? Most companies are what I call 'lifestyle' companies - [...]
Benefit-in-kind payments on company cars How do I work out my company car tax? I'VE been given a company car for the first time – a BMW 320d EfficientDynamics. I'm excited about getting the car, but I don't fully understand company car tax. Could you explain, please? Mike Lloyd, managing director of Central Contracts, explains how to work [...]