The landscape has changed significantly around company cars over the years, and continues to do so.
At one stage it was an expectation that once you reached a certain career point, a good employer would give you a company car, but then things changed. It can now be extremely expensive from a tax position to have a company car, though the type of finance, the type of vehicle and the way it is used can make a difference.
This section of our Information Centre is obviously less populated than others. We hope though that you will find some articles of interest and that you get in touch if you have any questions, or want to check the implications of the latest changes.
We’d definitely recommend that you check the latest announcements and regulations before making any decisions!
How does Company Car Tax work?
A company car is taxed in a specific way, and can prove very expensive!
In this post we’ll look at how that tax is calculated and reported so you can make an informed decision…
Financing a Company Car
We’re often asked how best to finance a company car, or vehicle for business use, but sadly there isn’t a short and simple answer!
In this post we’ll take you through the most common options for financing a Company Car as well as a vehicle for other business types. There are various options and the best one for you will depend on how your business is set up, amongst other things.
Is VAT recoverable on Electric cars?
Electric cars will be far more desirable as company vehicles after April 2020, when the benefit in kind charge reduces to zero on a fully electric vehicle. As a result, it’s probable that many more will become company vehicles. The increased interest is creating several areas of doubt, the main one of which revolves round VAT.
Tax Rates 2023/24
We’ve listed below the latest tax rates and allowances as announced in the 2023 Spring Budget, or before.
Related News Items
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Can I just say we are so pleased that we have moved to Baranov Associates. As we discussed when you visited, we had to find a way to take the stress out of all of the financials and you’re doing that for us! We can see how to use Xero more efficiently and so with us being as on top of it as we can be and with you and Liz we feel a lot more confident about our business being in good shape.
Mrs S James, Sandbanks Capital Partners Limited
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