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.
Source: HMRC Advisory Fuel Rates from May 2023 Advisory fuel rates - GOV.UK (www.gov.uk) BMW 320i M Sport Auto HMRC Company car tax rating for this vehicle is 34% for Tax years 23/24, 24/25 and 25/26 P11D cost BMW 320d SE Auto 2020 model = £40,545 (source: Parkers) ...
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...