Moneeza Siddiqui compares the tax implications of a personal and company car when used in an individual’s employment. Given the reliance on and impact of cars, special tax rules are in place to manage the environmental footprint of vehicles. Going Green Policies such as road tax exemption on electric vehicles (EV) and increased business […]
Personal Car or Company Car? Read More »
According to the RAC, average fuel prices peaked a year ago at £1.91 per litre, since levelling off at the same price as ten years ago. However, HMRC’s approved mileage rates have remained static, not increasing since April 2011, when petrol was around £1.42 per litre. In the ten years since the last increase, fuel
Tax Implications Where Employers Pay Above HMRC’s Approved Mileage Rates Read More »
Employees often need to undertake business trips and it is common practice to reimburse the employee’s fuel costs by means of a mileage allowance. The tax rules allow mileage payments to be made tax-free up to certain limits. However, the rules are different depending on whether the employee is driving their own car or a
Mileage Allowances – What Can You Pay Tax-Free? Read More »
Tax policy is used to influence behaviour as well as to collect revenue. One example where this is the case is the company car tax rules which tax high emission cars heavily and reward drivers for choosing electric and low emission models. Why Emissions Matter For Tax? Where an employee has a company car
Electric Company Cars – Are They Still Tax-Efficient? Read More »
Despite successive Governments changing the rules to increase the tax take, the provision of company cars remains one of the more popular benefits an employer can give to an employee. Benefit in kind A director or employee who earns more than £8,500 is charged an amount as a benefit in kind (BIK) if the car
Running a Car on the Company – Benefit In Kind, Car Allowance, Company Fuel Cards Read More »
