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Author: admin | Category: Loan For Car | Date: 09.01.2014

All of our bookkeeping partners are Xero Certified or currently undertaking the Xero Certification.
If you are signed up to one of our packages your unlimited general advice and support includes dealing with any queries that your bookkeeper may have. Bainbridge Lewis Blog Tax hike on Company CarsFrom April 2012 a new emissions scale has been introduced which could mean hefty increases in tax charges for those using company cars. If you are provided with a company car which you also use for private motoring (including travel to and from your place of work) you are receiving a benefit which is subject to tax. This also applies owner managed companies where the director has purchased the car in the company. The value of the benefit to the employee is calculated as a percentage of the original list price of the car regardless of its age. In addition to the tax on the employee the company must pay Class 1a National Insurance on any benefit provided to its directors and employees at a rate of 13.8% of the value of the benefit.
Changes to the emissions scale from 5 April 2012 mean that company car users can face more than a 50% increase in the associated tax costs. The percentage applicable for CO2 emissions of 120 has been increased to 15% and the fuel benefit multiplier has been increased to £18,800. There will also be a further increase in the costs to the company who will have to pay an additional £224 in Class 1a National Insurance. If you would like to work out the costs relating to your existing company car HMRC have an online company car tax calculator for this purpose. With such hefty increases the decision to purchase a company car should be considered very carefully.
Business entertainment is any entertainment provided free of charge to people who are not employees. A vehicle kept off-road must either be taxed or have a SORN (Statutory Off Road Notification).
Known formally as Vehicle Excise Duty (VED) or Graduated VED, the amount of car tax you pay depends on the car's engine size or official CO2 emissions and the date of first registration.
The government will legislate to place the classic vehicle VED exemption on a permanent basis from 1 April 2017, so that from 1 April each year vehicles constructed more than 40 years before the 1 January of that year will automatically be exempt from paying VED.
From 1 April 2016, VED rates for cars, vans, motorcycles and motorcycle trade licences will increase by RPI. If the car was registered on or after 1 March 2001, there's a series of car tax bands based on fuel type and CO2 emission levels. For cars first registered before 1 March 2001 car tax is based on engine size as official CO2 data is not available. Official CO2 emissions levels are measured when the model is tested for 'type approval' before it goes on sale and it is this official figure only that's used to determine car tax rates. Websites comparing vehicle specifications can be a useful guide when you're thinking about changing your car but CO2 emissions change with model year, trim levels and transmission so you should always check with the dealer or refer to the V5C for the specific vehicle you're buying if the level of CO2 emissions is important to you. Motor vehicle excise duty was introduced in 1920 when local councils first had to register all vehicles. So while it might have been appropriate to refer to this tax as Road Tax or the Road Fund Licence before 1936, this has not been the case since.


The chancellor announced significant changes to the VED system for new cars registered from 1 April 2017. The new VED system will be reviewed as necessary to "ensure that it continues to incentivise the cleanest cars". Cars first registered before 1 April 2017 will continue to pay VED under the current system - based on engine size if registered before 1 March 2001 and official CO2 emissions if first registered after 1 March 2001. From 1 April 2015 VED rates for cars, vans, motorcycles and motorcycle trade licences will increase by RPI.
As announced at Budget 2014, from 1 April 2016 a vehicle manufactured before 1 January 1976 will be exempt from paying VED.
It was announced in the 2014 Budget that Vehicle Excise Duty Rates will increase by RPI indexation. In addition the Chancellor announced the introduction of a rolling 40 year VED exemption for classic vehicles from 1 April 2014. The Chancellor also confirmed the introduction of legislation to allow motorists to pay VED by direct debit annually, biannually or monthly with a 5% surcharge for biannual and monthly payments.
It was announced in the 2013 Budget that Vehicle Excise Duty Rates will increase by RPI indexation. From 1 April 2010 there is a different rate of VED payable for the first vehicle licence taken out at registration for some cars. From April 2010 six-month licences will not be available for vehicles licensed for the first time in bands A to D or H to M. Refunds for cars in bands H to M (where the first year rate is higher than the standard rate) will be calculated as a proportion of the standard rate applicable to that vehicle.
For vehicles first registered in the UK on or after 1 April 2010 but previously registered abroad, VED will be calculated according to the original date of registration abroad. Budget 2014 announced the introduction of a rolling 40 year exemption of VED on classic vehicles. Vehicle registration certificate (V5C) – this must clearly show that the vehicle was made or first registered more than 40 years earlier (before 1 January 1975 in 2015).
An appropriate test certificate (for example, an MoT certificate, if the vehicle needs one by law). For  a comprehensive overview of company car taxation and benefits please click here and you will be directed to the HMRC website.
Since April 2002 company car tax has been based on a car's list price for tax purposes (generally list price plus accessories, less capital contribution)  and official C02 emission figure. Legislation will be introduced in Finance Bill 2016 to amend Finance Act 2014 with the effect that the appropriate percentage for diesel cars registered on or after 1 January 1998 will continue to include the diesel supplement until 2020 to 2021. A percentage multiplier of 0% applies to cars with zero CO2 emissions - cars that can't produce CO2 engine emissions under any circumstances when driven. Discounts currently available for Euro IV standard diesel cars registered before 1 January 2006, petrol-electric hybrid cars, road fuel gas powered cars and E85 biofuel-capable cars will be removed from 6 April 2011. The cap on car list prices used to calculate the taxable benefit arising from company cars will be abolished so that drivers of expensive cars will be "subject to a fair level of tax".
The Government indicated that it would reform company car tax to continue to provide an incentive to purchase the lowest emitting vehicles on the market.


From April 2012, the 10 per cent band for cars emitting 120g CO2 per km or less will be removed, and the system of bands will be extended so that they increase by one percentage point with every 5g CO2 per km increase in emissions, from 10 per cent.
From April 2015, the five-year exemption for zero carbon and ultra low carbon emission vehicles will come to an end as legislated in Finance Act 2010. From April 2016, the Government will remove the three percentage point diesel supplement differential so that diesel cars will be subject to the same level of tax as petrol cars. The Government says that it will review incentives for ULEVs in light of market developments at Budget 2016, to inform decisions on Company car tax from 2020-21 onwards. From 6 April 2014 the Fuel benefit charge multiplier will increase by RPI for both cars and vans. Budget 2012 and Budget 2013 set out Company car tax rates and bands for 2016-17, including the removal of the diesel supplement. From 6 April 2015 the Fuel Benefit Charge multiplier for both cars and vans will increase by RPI. From 6 April 2016 the Fuel Benefit Charge (FBC) multiplier for both cars and vans will increase by RPI.
Motoring insurer and breakdown cover provider AA has today revealed that it has written to chancellor George Osborne to ask him not to hike insurance premium tax or fuel duty in next month's Budget.
The company is concerned that the chancellor might be considering raising one or both as a quick win to boost the Treasury's coffers, despite an increase to insurance premium tax having already being brought in last November. The AA said that the previous tax hike had already caused the average premium quoted for car insurance policies to rise by £18 and had also impacted the cost of roadside assistance cover. Meanwhile, the AA is also keen for there to be no rises to fuel duty, pointing out that it makes up a substantial amount of the typical family's household bills, despite recent price drops. This means that you can be happy that they know their way around Xero and can provide a great service to help you with your bookkeeping.
The percentage applied is based on the cars CO2 emissions, the higher the emissions the higher the percentage. In particular if your company is an owner managed company it is likely that you are better off using your personal vehicle and claiming mileage for your business travel through an expense claim.
This has been referred to by some as the 'showroom tax', applies only to the first licence on a brand new car and is shown in the table above.
If however the car is stolen, scrapped or becomes eligible for a nil licence then the refund will be calculated according to the full amount paid. Under an earlier proposal (March 2008 Budget) these cars would have moved into band 'L' or 'M' depending on official CO2 emissions.
It is up to the registered keeper of an eligible vehicle to apply to tax their vehicle in the historic tax class.
The appropriate percentage for zero emission and low carbon vehicles will be 13 per cent from April 2015 and will increase by two percentage points in 2016–17.
The differential will reduce further to 2 percentage points in 2019-20 in line with the Budget 2013 announcement.



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