As we approach the start of a new tax year HMRC has updated its company car tax calculator.
This calculator helps to calculate the ‘benefit in kind’ value of a company car and, if appropriate, the car fuel benefit. It also provides an indication of the income tax to be paid for the provision of company car and car fuel benefit.
More details are available from HMRC at http://tinyurl.com/ypa8jk.
Having tested it out it is very easy to use assuming of course that you know the list price of the car and its CO2 emission figure.
Company car drivers will see an increase in their tax bills from 6.4.2014. The changes will be reflected in their tax codes from April 2014.
Please contact us if you would like advice on the tax issues relating to company cars.