Company Car
Time to go electric? (continued)
September 21, 2023Vans Vans are treated as normal plant and machinery, so are eligible for the 100% AIA on purchase. They also have much lower benefit-in-kind charges than most cars where the employee or director has private use, being (for 2023/24): • Nil for an electric van • £3,960 for any other van. If private fuel is
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Time to go electric?
September 21, 2023Electric cars In his March Budget, the Chancellor announced the introduction of “full expensing”, i.e. allowing most plant and machinery purchases to be allowable fully for tax purposes in the year of acquisition. This was really aimed at encouraging investment by big companies, as most small companies would in any case get immediate full tax
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Electric vehicles are still tax-efficient
February 5, 2023The 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
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Helping your employees
June 26, 2022The 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
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Excited about electrics
December 7, 2021Excited 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,
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October 13, 2021Electric 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
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Company cars – lots of changes!
May 17, 2021Take 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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