P11d value x HMRC Company Car tax rating = Annual Taxable benefit Annual taxable benefit x Employee Higher Income Tax rate of 40% = Benefit in Kind (BiK) tax Fuel cost calculation Fuel cost for 6,000 personal miles calculated at 11p per mile (diesel) or 4p per mile (Electric) ...
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. Here, we’ll explore the current BiK rate for electric vehicles, how it compares to traditional fuel types, and what chan...
If there’s one thing that's abundantly clear in this ever-evolving world of company cars, it’s that the surest way to lower your tax bills is to choose a car with some form of electrification. PHEVs or EVs are the most efficient options, but you need to make sure an electric car ...