Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
U.K. Company vehicle BIK tax question?
Is anyone well up on company vehicle BIK income tax? I have a company car and company fuel and the tax man reminds me of this benefit every month, years ago at another company I was offered a sign written van instead of a a company car, even with personal use the tax savings at the time were massive. Is this still the case now? It would need to have personal mileage allowance and company fuel but it would be sign written A van would be much handier for me and if it saves me money it would be a win-win
Thank you in advance for your answers
1 Answer
- Enough TrollsLv 75 years ago
No, a van is assumed to be used for the business only with minor self use. Stop on the way home to get bread - not for a annual family holiday.
The tax difference assumes a different use. A company car is assumed to be used for all of the normal uses - shopping, days out, and thus has a higher tax value. If you are issued with a company van with the same intetn then it is valued as the same taxable value.
Now that assumes company fuel.
If you change to a van with private payment for fuel the benefit should be recalculated (and the system does distinguish fuel use) In this case you pay for the fuel and STILL get taxed for the benefit of having the vehicle to use and not having to do servicing or maintenance. Not much of a gain because now you pay for fuel.
