Government reverses pick-up tax hike
Plans to change the taxing of pick-up trucks announced just a week ago by the Government, which would have seen double-cab models taxed as cars rather than commercial vehicles, have been scrapped.
Plans to change the taxing of pick-up trucks announced just a week ago by the Government, which would have seen double-cab models taxed as cars rather than commercial vehicles, have been scrapped.
The annual benefit in kind tax liability for company vans is a fixed rate – unlike cars, where the tax is based on a scale of CO2 emissions and the list price of the car. These measures are annual upratings that increase the van benefit charge and the car and van fuel benefit charges by the Consumer Price Index from 6 April 2023 and have been uprated annually since 2014.
By 2030, new cars and vans powered wholly by petrol and diesel will not be sold in the UK, to encourage and accelerate the use of electric vehicles instead. In response to this, we are seeing more and more companies realigning themselves, particularly in the deliveries space, making strides towards greener fleets.
The distinction between a van and a car can have significant implications for tax particularly with respect to how they are treated for benefit in kind purposes – a van would generally have a lower benefit in kind charge than a car.
The Association of Fleet Professionals said there remained both pertinent questions for HMRC around the issue and a range of potential practical problems to resolve.
It may be a relatively small issue right now but the Association of Fleet Professionals (AFP) said the Government and HMRC should examine the impact.
While getting of the tax disc has grabbed all the attention, van users should look a little deeper into the Autumn Statement AMONG the good and bad news in the Chancellor's Autumn Budget was buried a nugget which most people seem to have missed – benefit in kind and the fuel benefit charge on van drivers will be [...]
Author: Robin Roberts Research undertaken by Auto Styling Truckman has revealed that the addition of a hard top accessory to a pick-up truck adds value to the vehicle for resale. Respected industry journal Glass’s Motoring Guide has confirmed that having a hard top fitted would definitely increase a vehicle’s value. Along with the improved ‘curb appeal’ and [...]
Author: Robin Roberts Changes to company car taxation announced in the Budget present a serious challenge to the electric vehicle market and businesses, says an analyst. With fleet purchases accounting for the vast majority of the UK’s first 1,000 electric car and van sales, business and company car taxation are playing a crucial role in supporting the [...]
Company cars are taxed if there's private use If a company provides an employee or director with a car for business and private use, it is taxed - provided the employee or director earns £8500 or more per year. This is known as company car tax. Tax is also payable if the company provides a member of their family or [...]