Business Services
Car Legislation
Contact
GPG House, Walker Avenue
Wolverton Mill
Milton Keynes, MK12 5TW
01908 225544
info@gpgaccountants.co.uk
Company Car Legislation
The provision of Company Cars remains one of the most active areas advice is sought on.
The charge on the benefit of a company car is now linked to carbon dioxide (CO²) emissions of the car, measured in grams per kilometre (g/km). The reductions for business mileage and older cars will no longer apply. The starting point for calculating the benefit charge will continue to be the list price of the car (plus accessories) but the percentage of price actually charged to tax will depend on the car ‘s CO² emissions.
The normal minimum charge for a petrol engine vehicle will be on 15% of the car’s price and the maximum charge will be on 35% of the car’s price. For diesel cars the percentage based on the CO² figure will be increased by 3% but can be no more than the maximum figure of 35%.
Under the new rules the adjustments for high business mileage and private use payments do not continue although the rules on reductions for periods of unavailability and payments for private use have remained unchanged.
For more information on company car rules and to learn how they may affect you please contact your local GPG or click here to view the latest rates at the HMRC website.
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