Pro-Taxman

Finance & Accounting>Company Car

Picking up on van benefits

An income tax charge will generally arise where an employee, or a family member, is able to use a work’s van for private use. This will nearly always include home-to-work travel. From 6 April 2020, the flat-rate van benefit charge crept up once again and currently stands at £3,490 (rising from £3,430 in 2019/20), which …

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Electric Vehicle

Why choosing an electric van for a company car is a wise decision

Electric company vans and the benefit in kind charge If an employee is able to use a company van privately, a benefit in kind tax charge may arise. The exception to this is if the van meets the conditions for a pool van (basically one used by several employees and not generally taken home overnight …

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Company Car for Private Use

The extent to which a company car remains available for an employee’s private use explained.

Company car ‘availability’ during the Covid-19 pandemic For many, their working patterns changed as a result of the Covid-19 pandemic. Some employees were required to work from home, some were furloughed, while those with certain health conditions were required to shield. If the employee has a company car, is a deduction available for periods during …

The extent to which a company car remains available for an employee’s private use explained. Read More »

Company Car

Here’s the latest information on mileage rates for company cars, including the new coronavirus measures and what’s happening with the Advisory Electricity Rate for electric cars.

Company car mileage rates update The company car benefit tax charge does not cover fuel provided for a company vehicle. This means that where an employer pays for all fuel (business and private), a statutory fuel scale benefit charge will be payable, based on the cash equivalent of the benefit each tax year (£24,500 for …

Here’s the latest information on mileage rates for company cars, including the new coronavirus measures and what’s happening with the Advisory Electricity Rate for electric cars. Read More »

From 6 April 2020, the way in which carbon dioxide emissions for cars are measured is changing – read more here.

Zero charge for zero emission cars From 6 April 2020, the way in which carbon dioxide emissions for cars are measured is changing – moving from the New European Driving Cycle (NEDC) (used for cars registered prior to 6 April 2020) to the Worldwide Light Testing Procedure (WLTP) for cars registered on or after 6 …

From 6 April 2020, the way in which carbon dioxide emissions for cars are measured is changing – read more here. Read More »

It can pay off to keep track of your business mileage you incur for your rental properties – here’s why.

Using your car in your property rental business Landlords will often use their car for the purposes of their property rental business. Where they do so, they are able to claim a deduction for the costs that they incur. Using mileage rates Where a landlord uses their car for business purposes, the easiest way to …

It can pay off to keep track of your business mileage you incur for your rental properties – here’s why. Read More »

There are five conditions that need to be met to get the tax benefits of a pool car.

When is a car a pool car? Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and have a number of cars available for use by employees when they need to undertake a business journey. From a tax perspective, provided that certain conditions are met, no benefit …

There are five conditions that need to be met to get the tax benefits of a pool car. Read More »

If you’re an employer, make sure you’re up to date on the latest Employer Bulletin on diesel supplements.

Employees with a company car are taxed – often quite heavily – for the privilege. The charge is on the benefit which the employee derives from being able to use their company car for private journeys. The amount charged to tax is a percentage of the ‘list price’ of the car – known as the …

If you’re an employer, make sure you’re up to date on the latest Employer Bulletin on diesel supplements. Read More »