Budget 2014 – Benefits in Kind

In a bid to encourage the use of lower emission cars, the emissions bands used to calculate benefits in kind on company cars are reducing further still over the next few years.

This will further increase the cost of having a company owned car and reinforces previous advice that in the vast majority of cases for owner managed companies, it is not beneficial to own business cars through the company.

Vans remain, in most cases, a much more tax efficient vehicle to run through a company as the flat rate benefit in kind was only slightly increased in line with inflation to £3,090.  Vans with no private use also remain tax free.

With manufacturers producing vehicles such as double cab pickups, which still meet the criteria to qualify as a van for tax purposes but in many cases still have the luxuries of a car, you may wish to consider one of these vehicles.  Vans are no longer just for removal men!

<Nov 2017>
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Nov 25

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Since starting using QuickBooks my bookkeeping is so much quicker, easier to manage and professional. I used to allocate half a day per month to invoicing, now it’s half an hour! Jay and the team at Dodd & Co provided comprehensive training and they’re always on hand to help if I have a query. I’d strongly recommend QuickBooks and the cloud accounting team, it’s a very worthwhile small investment.
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