Like many enterprises, the question of leasing through the company or a car allowance, is one which is being raised more often. Much of this has come about because HMRC have continued to increase the Benefit in Kind (BiK) bands which apply to company car users. When you are offered a company car, you need […]
When you have a company car, this is subject to Benefit In Kind (BiK), which means that you pay income tax based on the vehicle you are operating. The amount of tax you will pay is based on: · The P11d value of the vehicle; and · The CO2 which is set out as grams […]
For a government that flies the flag of green, economical transport with low emissions, the budget last week was to say the least embarrassing. Having badgered the motor industry into ever lower emissions and better economies, resulting in expensively developed hybrid and electric cars, they then go ahead and charge BIK on near zero emission […]
If you drive a company car and earn anything over £8,500, you will pay car benefit tax if there is any element of private use. How the car is funded has no bearing on this, the car can be owned outright, on hire purchase or a contract hire car in the case of business car […]
Demand for hybrid vehicles grows as the choice of brands and vehicle widens. So when Porsche bring two hybrids to the market in a period of twelve months, the other manufacturers sit up and take notice. This is going to be such an exciting car, Porsche are technically superb and they have not skimped on […]
When a driver of a company car decides to accept his car allowance offered by his employer, its important at this stage to understand what you can afford and how best to finance it.
Benefit-in-Kind tax is a tax that applies to all company cars that are driven in the UK. As it varies from car to car, it is important to take it into account when choosing company cars and car leasing deals, as it will add to the cost of your vehicle. Benefit-in-Kind makes use of different classifications […]