Tag Archive: company car

Reimburse private fuel by 6th July to avoid fuel benefit

Posted 8th June 2021 at 9:34 am

One consequence of the recent periods of lockdown is that employees may have driven fewer private miles in their company cars, particularly where they have not been driving to the office. If they are to avoid being taxed on the provision of private fuel, they need to fully reimburse their employer for the cost of private fuel by 6 July 2021 for the 2020/21 tax year. If not, the benefit needs to be reported on the employee’s form P11d for 2020/21. Note that the CO2 emissions percentage for the car is multiplied by the £24,500 notional list price used to... Read more

5 reasons to switch to a hybrid or electric company car

Posted 10th July 2019 at 2:28 pm

1. Significant tax savings From April 2020, as a move by the government to encourage the switch to low emissions vehicles, the taxable benefit on company cars will change significantly. Hybrid plug in vehicles benefit in kind rates will drop further. As an example, a higher rate taxpayer will pay almost £5,000 tax per year on a BMW 320d, whereas a driver of a BMW 330e with a petrol engine and battery with up to 37 mile range will pay under £2,000. Fully electric vehicles take this further with benefit in kind rates of 0% for 2020/21, 1% for 2021/22... Read more