Article

Guide to BIK on Company Vehicles

All you need to know about Benefit-In-Kind on company cars

As part of the government’s Climate Action Plan to lower emissions there are some changes to the rules for calculating Benefit-In-Kind on motor vehicles.

Before 2023 the BIK on company cars was based on the OMV (original market value) of the car and the mileage.

From 01 January 2023 BIK on company cars will be based on the OMV (original market value) of the car, the mileage plus the vehicle’s CO2 emissions.

Our guide includes information on:

Changes to the rules for calculating BIK on motor vehicles
CO2 Emission Bands
Calculating BIK on company cars
Calculating BIK on electric cars

Download the guide here

Date published 15 Nov 2022

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

Choose the right accounting firm for you

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?