UK Company Car Tax Explained - What is Benefit in Kind?
UK Company Car Tax Explained. In this video we explore UK Company Car tax, we look at how to calculate your company car tax, tax on fuel, and why you should do your homework before you sign up to a company car scheme, especially before you take on a fully expensed company car. What is Benefit in Kind (BiK) and what does it mean to your take-home pay?
Government Company Car Tax Calculator is at: http://cccfcalculator.hmrc.gov.uk/CCF0.aspx
Benefit in Kind is calculated by taking the car’s P11D value (list price + optional extras + VAT & delivery) and multiplying it by the BIK % (which is based on CO2 emissions and fuel type).
At the moment the most tax-efficient company cars are pure electric vehicles (EV's) such as Tesla's as the benefit in kind on these is currently 1% for the tax year 2021/2022. This will increase to 2% next year, however, the BIK on these vehicles will remain comparatively low vs Petrol or Diesel cars and will also outperform most PHEV's in the tax department.
PLEASE don't forget to give me a big thumbs up and smash that LIKE button, whilst you're at it, click on the notification bell and hit SUBSCRIBE :) Thank you very much for your support. Any comments below will be answered, I promise.
----------------------------------------
Follow me on Twitter @notaguru3
https://twitter.com/notaguru3
Buy me a Coffee at : -
https://ko-fi.com/notaguru
Get your Definitely Not a Guru channel Merchandise at : -
https://americanatee.creator-spring.com
-----------------------------------
Links to my youtube gear:-
Sony ZV1 Camera – https://amzn.to/2X43GVn
Elgato Key Light : https://amzn.to/2LfyFLo
Philps Hue Light Bar : https://amzn.to/3hCEte9
SanDisk Extreme PRO 128 GB SDXC – https://amzn.to/38VTKmw
-
15:22
DefinitelyNotAGuru
2 years agoShould you take a Company Car vs Car Allowance??
-
3:42
DefinitelyNotAGuru
2 years agoThe Future Of UK Road Tax | GPS Telematics Based Car Tax??
6 -
0:10
CheeringupTV
1 year agoBeware Car Tax Scams UK
9 -
14:12
Automotive Reviews
4 months agoBritain's ECO Standards Pushes EV Sales! | Car Makers Will Pay?
6 -
0:59
Money Matters
1 year agoTaxes For Beginners - (Part 1)
5 -
11:48
Andy Mai
2 years agoRegistering Your Business As A Company (Tax Benefits)
9 -
0:59
Money Matters
1 year agoTaxes For Beginners - (Part 2)
5 -
2:53
SierraDelta
3 months agoMajor car tax changes launching within months could see motorists hit with HUGE costs
1701 -
7:27
SweetHomeStAugustine
9 months agoCharging an Electric Car in the UK
93 -
2:05
Money Matters
1 year agoTaxes For Beginners
4