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info@merrantiaccounting.comThe taxable benefit for using an electric company car for private journeys is currently calculated at 2% of its list price. If you chose a hybrid company car, models that can drive at least 130 miles on electric power also currently carry a taxable benefit of just 2% of list price. However, these benefit levels
Read MoreThe cost of living crisis is hitting everyone, including small businesses. You are required to raise the wage rates of employees on the National Minimum Wage by 6.6% for pay periods starting from 1 April 2022, but some employees may still be struggling to make ends meet. Here are a few things your business could do
Read MoreExcited about electrics The taxable benefit for having the private use of an electric company car is currently just 1% of list price. From 6 April 2022 the taxable benefit will rise to 2% of list price; it will then be fixed at that level until April 2025. However, even at 2% of list price,
Read MoreElectric cars and vans Now could be a good time for your company to invest in an electric car or van, as there are generous tax reliefs available. A purely electric car qualifies for a 100% first year allowance (FYA) if it is acquired before 1 April 2025. This means that it is deductible fully
Read MoreTake extra care when reporting company cars on Form P11D over the coming weeks. For 2020/21, there were significant changes to the percentages that need to be applied to the list price of a car when calculating a benefit, namely: Electric cars now have a zero benefit The percentage for cars up to 50g/km of
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