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Car benefit changes 2014/15

Q: Can you summarise what the changes to company car and van benefits are from 6 April 2014 please?

A: From 6th April 2014:

Company cars

  • The car fuel benefit charge multiplier will increase from £21,100 to £21,700
  • The lower threshold will be reduced from 115g/km to 110g/km
  • The lowest appropriate percentages are still 0 per cent and 5 per cent
  • An 11 per cent charge will apply to cars with CO2 emissions of 76g/km to 94g/km, up from 10 per cent last year
  • The appropriate percentage will increase by 1 per cent for all vehicles with CO2 emissions between 95g/km and 210g/km, to a maximum of 35 per cent

Vans

  • The van fuel benefit charge multiplier will increase from £564 to £581.
  • The van benefit will increase from £3,000 to £3,090.

The rules and implications of company vehicles are far reaching, so you would be advised to seek professional advice from your local TaxAssist Accountant before acquiring a new vehicle. 

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