As the UK pushes towards a greener future, the Benefit in Kind (BiK) rates for electric cars have become a hot topic for company car drivers and fleet managers alike.
You’ll be taxed if you do personal miles using fuel your company has paid for. To help you work out just how much tax you’ll have to pay, HMRC has provided a ‘multiplier’ that relates to your company car’s BIK percentage. For 2023-24, the figure is £27,800, which you the...
However, keep in mind that, again, you’ll have to pay tax on it, in addition to thecompany car taxyou’re already paying on the car you use privately. What about electricity forelectric carsor plug-in hybrids (PHEVs)? Well, if you can claim back the cost of charging up using a ...
As Europe's car makers make the switch to EVs to meet this burgeoning demand there is over 700GW of gigafactory capacity either in construction or planned to provide the batteries for these EVs. These gigafactories will require over 650,000 tonnes of locally refined lithium per year in the f...
any complex tax structures or engage in any aggressive tax planning or tax avoidance schemes. The deferred tax asset increased to £0.4m (2023: £0.1m) in the year, mainly due to the expectation that tax losses brought forward will be offset against future taxable profits (see note 8)....
Both are less than you would pay for most petrol or diesel-powered company cars. And if you choose an electric van, you’ll pay precisely nothing in company car tax or annual VED. So, unless you choose an electric orPHEV company car, a pick-up truck or a van will cost you l...