Tax experts at MHA MacIntyre Hudson have welcomed HMRC’s clarification on benefit-in-kind (BIK) tax rules as fleets come to terms with life under lockdown.
Changes to Government company car tax tables, published on its website, suggest tax officials are preparing for new rates to finally be adopted.
Required legislation on hold, with new BIK rates, including the 0% rate for electric company cars, needing approval of new Government before they can be used.
Fleets temporary driver recruitment costs will increase up to 30%.
HMRC has released its latest advisory fuel rates (AFRs), to come into force from September 1.
But tax office says new pay reporting option could have skewed figures, with fall much less than suggested.
Government's Brexit turmoil leaves company car owners still seeking answers
Fleets should press the Treasury to scrap the 4% diesel surcharge next year to mitigate the impact of the new emissions testing regime on tax, says TMC.
Tusker, one of the country’s leading providers of cars via salary sacrifice maintains it remains a “unique and valuable” benefit for employees.
Insurance, maintenance, tyres and breakdown cover could now be taxed when provided via a so-called Optional Remuneration Arrangements (OpRA).
HMRC has published its latest advisory fuel rates (AFRs), which come into force from September 1.
ACFO welcomes HMRC decision to introduce a mileage reimbursement rate for electric company cars of 4 pence per mile (ppl) from September 1.
Government performs U-turn on tax changes that would have seen drivers of unmarked emergency vehicles charged company car tax for journeys made while ‘on-call’.
Organisations wanting to add electric vehicles to their fleets have traditionally faced many barriers, but these are being solved. Andrew Ryan reports
There were 940,000 employees paying benefit-in-kind (BIK) tax on a company car in 2016/17 – a 2% fall on the 960,000 recorded the previous financial year.
Average figure paid per employee increases by 27% year-on-year, says HMRC.
By Alastair Kendrick, employment tax specialist
Fleets felt that one of their biggest challenges was to improve safety. The two biggest issues were educating drivers and creating a culture within the company that promotes safety and gets buy-in at board level.
Fleet industry calls for HMRC to provide advisory fuel rates (AFRs) for plug-in company cars have been ignored by the Government.
HMRC has rejected suggestions that it is unfairly penalising undercover police for company car tax.
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