From the 6th April 2013:
- The car fuel benefit charge multiplier will increase from £20,200 to £21,100
- The lower threshold will be reduced from 120g/km to 115g/km
- The lowest appropriate percentages are still 0 per cent and 5 per cent
- The 10 per cent charge will now apply to cars with CO2 emissions of 76g/km to 94g/km
- The appropriate percentage will increase by 1 per cent for all vehicles with CO2 emissions between 95g/km and 215g/km, to a maximum of 35 per cent
- The van fuel benefit charge multiplier will increase from £550 to £564
- The van benefit is frozen at £3,000
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.
By Jo Nockels
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.