Hi all,
I am just checking the treatment of a company car we traded in against a new company car on an HP agreement.
company cars
Tax on company cars hasn’t changed a lot in recent years, apart from changes in emission thresholds and HMRC now reviewing mileage rates quarterly.
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A European court tax ruling may mean that company cars schemes are more expensive to run, Deloitte has said.
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A recent tax ruling that a Land Rover Discovery provided to an employee for work use should be taxed as a car rather than a van is an “unacceptable” application of benefit-in-kind rules on company
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Intuitively you would think a company car must be owned by the employer in order for the employee to make a capital contribution.
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Looks like I was right, it's the company car tax changes that are getting clients exercised.
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Significant changes to the company car tax regime will come into force from April 2012.
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Once again, VAT played a minor role in the Budget 2012 proceedings. The measures announced included:
This is a potential banana skin, so check the rules carefully! Note first that HMRC assume that everyone uses their cars for business AND private purposes.
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With April looming AccountingWEB tax editor Rebecca Benneyworth outlines a comprehensive document of year-end tax planning tips.
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