Car Insurance

Car Insurance

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Hi,

Is car insurance paid by the company for an employee using a company car classed as a benefit in kind?

Thanks

Matt

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By User deleted
13th Aug 2011 01:05

No

The benefit in kind is the car benefit, based on a percentage of the list price plus accessories, the percentage being dependant on the CO2 emissions, and covers all the costs associated with running the car except petrol, which is a separate benefit if private fuel provided, which unless you drive round the globe twice a year for personal reasons is not worth having (although with current fuel prices once round would probably do it!).

All the major car manufacturers have a P11D benefit calculator on their websites and the emissions figure will be in the brochures. Our IRIS software has one built in to the P11D module or you can find details of all vehicles, even older ones on the Parkers website:

http://www.parkers.co.uk/

For completeness, the employees car benefit will be reduced by any amount the employee pays as a contribution to private mileage. If they refund all private mileage there wil be no benefit in kind, but they will need to keep a full mileage log detailling all journeys, and the purposes if they are business trips.

 

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By thomas37
18th Jul 2013 07:41

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