GUIDE TO COMPANY CAR TAX
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1 GUIDE TO COMPANY CAR TAX 2013/2014 The explanations and data set out in this guide are for general information only, and though given in good faith, are given without any warranty as to their accuracy and do not take into account changes made after the date of publication. Please refer to your legal or tax adviser for individual professional advice. All information and model pricing correct at date of publication, April Fuel consumption and CO2 figures are obtained under standardised EU test conditions (Directive 93/116/ EEC). This allows a direct comparison between different manufacturer models but may not represent the actual fuel consumption achieved in real world driving conditions. More information is available on the SEAT website at and at ENJOYNEERING
2 : main points at a glance A new 5% Benefit in Kind (BIK) tax band for cars with CO 2 emissions of 0-50g/km, and a second new band of 9% for cars emitting between 51-75g/km, changes to the way in which Capital Allowances are calculated, new VED rates and the cancellation of September s planned 3% fuel duty rise were the key Budget announcements on March 20. In addition, the abolition of the 3% diesel charge differential in April 2016 will bring parity to the way drivers of diesel and petrol company cars are taxed. The new 5% BIK tax rate for ultra low emitting vehicles (ULEVs) from April 2015 goes some way to alleviating the controversial 13% introductory rate for zero emitters planned for April 2015, but the 5% rate rises to 7% in April 2016, with the 9% rate rising to 11% at the same time. The Government also set out further plans for the CO 2 emissions-based BIK tax regime, with a tightening of thresholds up until Other budget 2013 announcements: The 10% threshold for BIK tax applies to cars with CO 2 emissions of between 76g/km and 94g/km in 2013/14. Vehicle Excise Duty rates rose in line with the Retail Price Index, applicable from April The CO 2 emissions threshold for calculating capital allowances and lease rental restriction reduced to 130g/km from April The fuel benefit charge multiplier rose to 21,100 on April s, payable by employers on the company car benefit, remain as for 2012/13 at 13.8% of P11D price. Approved Mileage Allowance Payments (AMAP) rates remain at 45p/mile for the first 10,000 business miles and 25p/mile over 10,000 in 2013/14.
3 VEHICLE EXCISE DUTY (VED) VED rates rose in line with the Retail Price Index in Budget The so-called Showroom Tax applies to all new cars in VED Band H and above those with CO 2 emissions of 166g/km or more. The new rates are shown in the table. All new VED rates came into force on April Cars with CO 2 emissions of up to 100g/km remain exempt from VED in 2013/14. First-year VED is zero-rated for all cars with CO 2 emissions up to 130g/km (Bands A-D). First-year VED rates of up to 1,065 add up to 575 in Showroom Tax to the P11D prices of qualifying cars, depending on their CO 2 emissions. In 2013/14, the alternative fuel discounted annual VED rate remains at 10. VED bands and rates in 2013/14 VED CO 2 emissions 2013/ /14 2 Band (g/km) First year rate Standard rate A Up to B C D E F G H I J K L M Over 255 1, : Includes cars emitting over 225g/km registered between March and March 23, : Alternative fuel discount 2013/14 is 10 for all cars.
4 COMPANY CAR TAX A company car is subject to benefit-in-kind tax based on its price for tax purposes, or P11D value (calculated as the on-the-road price less Vehicle Excise Duty and Government first registration fee of 55) and a sliding scale of CO 2 emissions (see chart, right) For 2013/14, the threshold for the 10% BIK tax charge rate (13% for diesels) applies to drivers of company cars with CO 2 emissions of between 76g/km and 94g/km, with each 5g/km increment rising by 1% up to a maximum of 35%. In April 2014, the minimum charge rate increases by a further percentage point for each 5g/km increment, while in April 2015 the minimum charge rate increases by a further two percentage points up to a maximum of 37%. In April 2016, the minimum charge rate rises again by two percentage points and the 3% diesel tax charge is removed, enabling drivers of diesel company cars to be taxed in the same way as petrol drivers from this date. zero emission electric cars Cars with zero CO 2 emissions, for example those with a pure electric drivetrain, are exempt from BIK tax in 2013/14 and 2014/15. From April , drivers of cars with CO 2 emissions of 0-50g/km will become liable for BIK tax at 5%, while drivers of cars with CO 2 emissions of 51-75g/km will attract a 9% charge (12% for diesels). In April 2016, these rates rise to 7% and 11% respectively, and the 3% diesel tax charge is abolished. Calculating company car tax in 2013/14 liability in 2013/14 depends on the car s P11D price and CO 2 emissions, and whether or not it is a diesel. CO 2 information for all SEAT cars can be found at or the Vehicle Certification Agency at Example: a SEAT Toledo S 1.6 TDI CR 105PS Ecomotive with a P11D price of 16,585 and CO 2 emissions of 104g/km, attracts a tax charge of 15% of its P11D value in 2013/14. 16,585 x 15% gives a taxable value of 2,487, equating to yearly tax liability of 497 ( 41 per month) for a 20% tax payer, 994 ( 82 per month) for a 40% tax payer and 1,119 (or 93 per month) for a 45% tax payer. Taxable percentages of P11D value Vehicle BIK % BIK % BIK % CO 2 (g/km) 2013/ / / (8) (8) (12) (13) 11 (14) 13 (16) (14) 12 (15) 14 (17) (15) 13 (16) 15 (18) (16) 14 (17) 16 (19) (17) 15 (18) 17 (20) (18) 16 (19) 18 (21) (19) 17 (20) 19 (22) (20) 18 (21) 20 (23) (21) 19 (22) 21 (24) (22) 20 (23) 22 (25) (23) 21 (24) 23 (26) (24) 22 (25) 24 (27) (25) 23 (26) 25 (28) (26) 24 (27) 26 (29) (27) 25 (28) 27 (30) (28) 26 (29) 28 (31) (29) 27 (30) 29 (32) (30) 28 (31) 30 (33) (31) 29 (32) 31 (34) (32) 30 (33) 32 (35) (33) 31 (34) 33 (36) (34) 32 (35) 34 (37) (35) 33 (35) 35 (37) (35) 34 (35) 36 (37) (35) 35 (35) 37 (37) (35) 35 (35) 37 (37) (35) 35 (35) 37 (37) *Figures in brackets show percentage charge for diesel
5 CAPITAL ALLOWANCES AND LEASE RENTAL RESTRICTION Company cars purchased outright since April 2009 attract write down allowances (WDA) according to their emissions of CO 2, with effect from April From April , the CO 2 emissions-based capital allowance for the main to special rate threshold was reduced from 160g/km to 130g/km. The 100% first-year allowance threshold reduced from 110g/km to 95g/km. All new cars bought outright from April with CO 2 emissions of between g/km are eligible for a WDA of 18% a year. Those with CO 2 emissions of 131g/km or more attract just 8% a year WDA. LEASING DISALLOWANCES (LEASE RENTAL RESTRICTION) The amounts payable on lease rentals are normally an allowable expense for businesses that can be deducted against their corporation or income tax charges From April , the CO 2 emissions thresholds for lease rental restriction reduce in line with the main rate and special rate capital allowance thresholds. Cars with CO 2 emissions of up to 130g/km can offset 100% of their lease payments against tax, while cars with emissions of over 131g/km can offset only 85% of their lease payments. From April , to March 31, 2015, all new cars bought outright with CO 2 emissions of 95g/km or less qualify for a 100% write down allowance in the first year. also announced that the 100% firstyear allowance is extended for a further three years until March , but that from April 2015 the CO 2 emissions threshold will be reduced from 95g/km to 75g/km. Leasing companies are excluded from the 100% first year allowance from April 2013.
6 CLASS 1A NATIONAL INSURANCE CONTRIBUTIONS Calculation of employers Class 1A National Insurance Contributions For 2013/14 the percentage for the calculation of employers Class 1A National Insurance Contributions (NICs) on company cars remains as for 2012/13 at 13.8% of taxable value. To calculate the annual s, you need to know the car s taxable value, derived from multiplying the P11D price by the relevant BIK tax percentage. This is then multiplied by 13.8% to give the annual tax due. Example: a SEAT New Leon 5dr SE TDI CR 105PS with a P11D price of 18,435 has CO 2 emissions of 99g/km. The tax percentage for this model is therefore 14% in 2013/14. Multiplying 18,435 by 14% derives a taxable value of 2,580, which, when multiplied by 13.8%, gives annual due of 356 in 2013/14.
7 FUEL ALLOWANCES Employer-provided free fuel for private mileage: benefit or liability? From April , the fuel benefit charge (FBC) for calculating the tax due on employer-provided free fuel for private use in a company car rose from 20,200 to 21,100. To calculate the tax, you need to know: The car s combined fuel consumption and BIK tax percentage The price of fuel used The driver s marginal tax rate and Government fuel benefit charge 21,100 from April Business mileage in a private car: reimbursement rates in 2013/14 The 2013/14 Tax and National Insurance-exempted amounts claimable under the HMRC Approved Mileage Allowance Payments (AMAP) rates for business mileage in a private car are shown in the table, right. If your employer reimburses you at a lower rate than the AMAP rates, you are entitled to claim tax relief on the difference. Conversely, reimbursements made at a higher level than the AMAPs will incur tax. AMAP rates 2013/14 up to Over 10,000 miles 10,000 miles All cars 45p 25p Example: a SEAT New Leon 5dr SE TDI CR 105PS Ecomotive has combined fuel consumption of 74.3mpg and CO 2 emissions of 99g/km. The tax percentage for this model is 14% in 2013/14, and the fuel scale charge is 21, ,100 x 14% = 2,954, equating to 590 tax liability for a 20% tax payer, 1,181 for a 40% tax payer and 1,329 for a 45% tax payer. 590 will pay for 89 gallons of diesel for a 20% tax payer (or 179 gallons for a 40% tax payer and 201 gallons for a 45% tax payer), assuming the national average price for diesel of 6.59/gallon ( 1.45/litre) (March 2013). Break-even mileage is therefore 89 x 74.3 = 6,612 private miles for a 20% tax payer (13,299 miles at 40%; 14,934 miles at 45%). If the number of private miles you cover is less than the break-even mileage, consider paying for the fuel yourself as it will cost less than your tax liability. If the number of private miles you cover is greater than the break-even mileage, you are better off paying the tax.
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