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.
Benefit in Kind (BIK) tax, widely known as company car tax, is calculated by the value of the vehicle, its CO2 emissions and the employee's income tax band. Electric cars are a taxable benefit, which means employees have to pay Benefit in Kind (BIK) tax on electric company cars. How...
Employees are required to pay income tax on any benefits that they receive from their employer. The benefit in kind for company cars is calculated based on the car's C02 emissions and the list price of the vehicle. From 6 April 2020, the benefit in kind f...
While the grant cut will cost fleets more in monthly lease rentals, there remains a generous tax allowance available to fleet drivers with the ability to save as much as £2,000 a year compared with taxation payable on a company diesel or petrol car. The British Vehicle Rental and Leasin...
Zero emissions, zero road tax Road tax in the UK, officially known as Vehicle Excise Duty (VED), is calculated based on CO2 emissions. Because fully electric cars output zero CO2 emissions (in fact, they don't even come with an exhaust), EVs are currently exempt from paying road tax. ...
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EV. These days,the Treasury is relying on car makers to offer their own discounts. While 20 EU member states offer incentives to encourage drivers to make the switch, countries such as Bulgaria, Belgium, Denmark, Finland, Latvia, Slovakia and Sweden only offer tax exemptions, like the UK. ...
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