Van benefit-in-kind (BIK) tax, commonly referred to as Company Van Tax or Van Benefit Charge, is the taxation amount applied to an employee of a company for their use or access to a vehicle for non-business purposes.
Here’s your quick guide to know when you are required to pay company van tax:
The rules are generally the same, however there are some differences to be aware of:
The rules are different for self-employed van drivers, and no BIK or van benefit charge will apply.
Please refer to the HMRC’s website for a full breakdown of the rules on company van taxation.
What is company van tax? Van benefit-in-kind (BIK) tax, commonly referred to as Company Van Tax or Van Benefit Charge, is the taxation amount applied to an employee of a company for their use or access to a vehicle for non-business purposes. When do I need to pay BIK on a van lease? Here’s your … Continued
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When you take a car on salary sacrifice from your employer, you are agreeing to pay the car’s monthly rentals for the duration of the agreement. Usually this is over 24 or 36 months but can be 48 months. Your employer has set up the salary sacrifice as a benefit to you. It enables you … Continued