Pocket Car Tax Guide 2012/13.

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1 Pocket Car Tax Guide 2012/13

2 Income Tax Rates 2012/ /12 Rate Band Band % , , , ,000 35, , , ,001+ Personal Allowances 2012/ /12 Personal allowances Basic (see note 1) 8,105 7,475 Age related (see note 2) 65 to 74 10,500 9, and over 10,660 10,090 Married couples (see note 2) Age related 75 and over 7,705 7,295 Minimum amount 2,960 2,800 Notes 1. Personal Allowance reduced by 1 for every 2 of income above 100,000. Applies irrespective of age. 2. Reduced by 1 for every 2 of income over 25,400 until the level of the personal allowance for those aged under 65 is reached ( 24,000 in 2011/12).

3 Vehicle Excise Duty Registered before 1 March 2001 Engine size 2012/13 1,549cc and below 135 Above 1,549cc 220 Registered on or after 1 March 2001 CO / /13 VED emissions Standard rate First year rate band g/km Petrol & diesel* Petrol & diesel* A Up to B C D E F G H I J K** L M Over , /13 rates take effect from 1 April * Alternative fuel discount 2010/11 onwards: 10 for all cars. ** Includes cars emitting over 225g/km registered before 23 March 2006.

4 Company Car Benefit g/km of CO 2 % of 2012/ / / / /17 list price Car CO 2 emissions should be rounded down to the nearest 5g/km.

5 Fuel Adjustments Diesel supplement Add 3% to the % of list price if car runs solely on diesel, up to the limit of 35% to 2014/15 and 37% from 2015/16. Diesel supplement to be abolished from 6 April Alternative fuels Tax on cars which cannot produce CO 2 emissions under any circumstances (electric cars) is based on 0% of the car s list price until 5 April Fuel Scale Charge Benefit in kind = 20,200 x % of list price ( 18,800 in 2011/12). % of list price is the same as that used for calculating the company car benefit in kind (see left). The diesel supplement is also applicable. Approved Mileage Rates For privately owned cars Business mileage Up to Excess over 10,000 miles 10,000 miles All cars 45p* 25p * 10,000 miles threshold does not apply to National Insurance.

6 Capital Allowances CO 2 emissions g/km Writing Down Allowance (WDA) 110 or below 100% first year capital allowances 95 or below (from April 2013) 100% first year capital allowances From April % WDA Above % WDA From April % WDA Above 160 8% WDA From April % WDA Above 130 8% WDA to 31 March 2015 From April 2009 balancing allowances or charges on the disposal of vehicles were abolished meaning that 100% recovery of capital allowances over the life of the car on the fleet is no longer available. Cars acquired before April 2009 should continue to be treated under the rules prevailing at that time for a transitional period which ends on the last day of the business first chargeable period to end on or after 31 March 2014 (for corporate tax) or 5 April 2014 (for income tax). If there remains any balance of unrelieved expenditure after this 5 year period, the balance will be added to the unrelieved expenditure in the Main Plant & Machinery pool. For businesses whose chargeable periods span 1 April 2012 (for corporate tax) or 6 April 2012 (for income tax) a hybrid rate will have effect for unrelieved expenditure in any pool, based on the proportion of the period at each rate.

7 Leasing Disallowance Pre April 2009 Tax relief for leased expensive cars is limited. A proportion of the lease rentals is disallowed using the formula: ½ (Retail price 12,000) Retail price This will continue until contracts entered into before April 2009 expire. Post April 2009 based on CO 2 emissions Tax relief for leased cars is limited according to the CO 2 emissions as follows: Allowed Disallowed rentals rentals g/km of CO 2 % % From April or below Above From April or below Above At the time of writing no announcement has been made on the transitional rules to the capital allowance or leasing disallowance treatment post April This Pocket Car Tax Guide is intended to provide a quick reference to the current tax regulations for drivers of company cars and employers. The content has been provided by Deloitte for informational purposes only and should not be relied on to cover specific situations or circumstances or as a substitute for professional advice. The contents of this publication are intended to reflect the law and practice of UK taxation as it applies in 2012/13 on the basis of information available on 21 March 2012.

8 VAT on Private Fuel 12 months 3 months 1 month VAT due VAT due VAT due g/km of CO or less or more Businesses must use these new VAT fuel scale charges from the start of their next prescribed accounting period beginning on or after 1 May 2012.

9 Corporation Tax Year ended 31 March Normal rate 24% 26% Small companies rate 20% 20% Charged up to 300, ,000 Marginal relief up to 1,500,000 1,500,000 Marginal rate 25% 27.5% VAT Standard rate 20% VAT as a fraction of the inclusive price 1/6 From April 2012 Annual turnover limits Registration (last 12 months or next 30 days) 77,000 Deregistration 75,000 National Insurance Class 1 (2012/13 tax year) Employee s Employer s Weekly pay contributions contributions nil nil nil 13.8% % 13.8% Over % 13.8%

10 Hitachi Capital Vehicle Solutions Ltd is part of Hitachi Ltd, one of the world s largest and most respected groups. Based in Newbury and Trowbridge, we have more than 25 years experience of fleet funding and management. Our 53,000 vehicles range from cars, small, medium and large vans to HGVs with specialist ancillary equipment such as cranes and tail lifts. We combine technology with market leading customer service to offer the full spectrum of tailor-made fleet financing and management services including all forms of funding, maintenance management and accident management and daily rental management. Hitachi Capital offers: Secure, sustainable funding delivering peace of mind Industry recognised customer service excellence generated through our commitment to continuous improvement Award winning cost reduction initiative focusing on innovation and technology to drive improvements Instant access to the business intelligence required to drive fleet improvements delivered through our market-leading online service To find out more about how Hitachi Capital could support your fleet, visit our website at or call us on

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