Company cars used to be an attractive perk that employers could offer to team members, whilst the company benefited.
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Some cars only qualify for 6% tax relief
The latest Finance Act reduced the tax writing down allowance for motor cars that emit more than 110 grams of CO2 to just 6% on a reducing balance basis from April 2019.
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Advisory Fuel Rate for Company Cars
In line with recent reductions in fuel prices, HMRC have reduced their suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2019.
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Capital allowance on high CO2 cars and assets in special rate pool reduces to 6%
One of the capital allowance changes announced in the Autumn Budget was the reduction of the writing down allowance on assets in the special rate pool from 8% to just 6% per annum from April 2019.
The assets included in this pool include long life assets, such as aircraft, integral features within buildings and cars emitting more than 110g CO2 per kilometre.
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Guidance on Employee Travel
H M Revenue & Customs have updated their guidance on employees’ travel and subsistence in booklet 490. The publication provides numerous examples illustrating which journeys do and do not qualify as business journeys and are eligible for tax relief.
Read moreDo you have a company car through your owner-managed business?
Do you have a company car through your owner-managed business? If you do, the chances are you are paying more tax than you should be.
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