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.
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) ...
HMRC guidance clearly states that if you lease a ‘qualifying car’ for business purposes you cannot normally recover 50% of the VAT charged. The 50% block is to cover the private use of the car. You can reclaim the remaining 50% of the VAT charged, subject to the normal rules. Capital...
HMRC guidance clearly states that if you lease a ‘qualifying car’ for business purposes you cannot normally recover 50% of the VAT charged. The 50% block is to cover the private use of the car. You can reclaim the remaining 50% of the VAT charged, subject to...