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How is my company car tax calculated?


Since 6 April 2002, new tax rules brought in by the Chancellor has meant that company car tax is calculated in the following way:


The Benefit in Kind (BIK) charge for company cars registered from 1 January 1998 is calculated as a percentage of the car's price. This is dependent on the CO2 emissions of the vehicle in an attempt to reduce global warming. If you have a vehicle with low CO2 emissions (145g/km) then your tax is worked out at 15% of the value of the car. This rises in steps of 1% per 5g/km of CO2 emissions to a maximum of 35% of the value of the car.


Diesel Vehicles are subject to a 3% additional charge due to their relatively high NO2 and particle emissions and therefore start at 18% rising to the same maximum of 35%. The exception to this is if they are Euro IV compliant in which case they do not attract the additional 3%.


As an employee or company director who is allowed the private use of a company car you are liable to tax on the benefit of driving it. The tax is aimed at reducing pollutants but has also had the effect of making “cash for car” alternatives very attractive to employers and employees alike.


Also, under the new rules, the business mileage discounts have been abolished whereby company car drivers doing more than 18,000 business miles a year automatically were taxed at 15% - this is no longer the case.


Without doing detailed calculations it is easy to see that there are winners and losers under these rules. The drivers who are likely to be the biggest losers are those who drive 18,000 business miles or more in a year. Under the old rules they were paying a tax charge based on 15% of their car's list price, so they cannot be better off under this third year of the new regime and will have to drive one of the very cleanest cars just to stay neutral.

CO2 emissions table

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Carbon Neutral Leasing

In brief, we will ensure that for every ton of carbon emitted into the atmosphere by a vehicle we supply, we will pay for the CO2 emitted to be replaced. Thus the carbon loss caused by these vehicles is neutralised. We will calculate the amount of carbon emitted or the "carbon profile" of the lease vehicle, and pay for sustainable energy projects to offset emissions. In this way, vehicles leased through Green Car Lease will be truly carbon neutral. The environmentally friendly projects around the world involve supporting:


* Renewable energy -- this replaces non-renewable fuel such as coal
* Energy efficiency -- this reduces the amount of fuel needed
* Forest restoration -- this absorbs CO2 from the atmosphere as the trees grow

Each customer will receive an emailed certificate from a climate care organisation confirming the donation made by Green Car Lease to offset emissions. Please call us on 01722 322 888 and ask for further details.

Corporate Fleet Management Programme

Whatever your fleet size, we are able to establish a programme to help manage your vehicles in a cost effective and efficient manner. We currently work with customers to create a tailored service that meets the needs of each individual company. Drivers call us directly with breakdown issues, accident damage repair, rental vehicles, abroad requests, payment issues, vehicle movements and any other vehicle related queries that occur. We eliminate management headaches and reduce costs.

Essentially, we establish agreed parameters with a company and then handle vehicles and drivers accordingly. We pride ourselves in providing a personal and friendly service - no call centers, frustrating phone systems or remote / distant help desks. You call our offices directly with queries, and we handle everything. We get to know drivers personally in order to ensure a slick and efficient process. We take pride in the fact that both drivers and fleet managers enjoying working with us.

In addition to the above, we are also able to offer all corporate customers a carbon neutral fleet management package. This takes into consideration emissions generated from fleet cars and vans as well as rental / courtesy cars supplied throughout the UK . Please contact us directly for further information about how we can manage your fleet in a personal, cost efficient and environmentally friendly manner.

Copyright ©2004 Wessex Fleet Solutions contract lease hire

All information contained in this website is current at the time of publication and whilst the greatest care has been taken over its compilation, Wessex Fleet Solutions cannot be held responsible for any errors or omissions. All photographic images are for demonstration purposes and may not depict the relevant model. Wessex Fleet Solutions, Enterprise House, Cherry Orchard Lane, Salisbury, Wiltshire, SP27LD Wiltshire specialist in contract lease hire.

 

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Toyota Prius Hybrid

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