Seems to me that there's been a reluctance from HMRC to authorise BIK-free charging at home or at public chargers because these cars are only subject to Car Benefit, not Fuel Benefit.
So, company car, all costs inc charging incurred by the company - and whole thing used 100% personally. What do HMRC get -just 2% Car Benefit!
Well done AWeb for managing to report late Friday evening. Helps to keep the site relevant.
Quite a wait now until 12 June to understand the detail of these new arrangements
Just looking into this myself. The link to revenuebenefits.org is useful but I'd say it's currently much more of a grey area than reporting profits on a cash-basis. In my opinion, if say husband and wife directors are drawing most profits as salary/dividends and leaving reasonable working capital in the company - I don't think those amounts of retained profits would be reportable under UC.
But, I'm just thinking out loud.
Last time I looked into this it was the share capital at cost that was treated as Capital and which if total capital > £6,000 will give rise to "Tariff Income".
My answers
Seems to me that there's been a reluctance from HMRC to authorise BIK-free charging at home or at public chargers because these cars are only subject to Car Benefit, not Fuel Benefit.
So, company car, all costs inc charging incurred by the company - and whole thing used 100% personally. What do HMRC get -just 2% Car Benefit!
That must sting.
Anyone tried out setting up? Can an employer still select quarterly payments?
Well done AWeb for managing to report late Friday evening. Helps to keep the site relevant.
Quite a wait now until 12 June to understand the detail of these new arrangements
Just looking into this myself. The link to revenuebenefits.org is useful but I'd say it's currently much more of a grey area than reporting profits on a cash-basis. In my opinion, if say husband and wife directors are drawing most profits as salary/dividends and leaving reasonable working capital in the company - I don't think those amounts of retained profits would be reportable under UC.
But, I'm just thinking out loud.
Last time I looked into this it was the share capital at cost that was treated as Capital and which if total capital > £6,000 will give rise to "Tariff Income".
One to bookmark. Helpful article, thanks