Suzuki access 125 user guide

Suzuki access 125 user guide

Suzuki access 125 user guide or paste a DOI name into the text box. Don’t be confused by BIK company car tax rates – our guide explains all and shows you how to calculate them Company cars have long been used by businesses to reward and retain staff as an extra perk on top of a standard salary.

Unfortunately, the Government, and especially HM Treasury, are aware of this kind of incentive, and as a result, levies tax on them. Government coffers ticking over, and as a result it’s subject to annual changes in The Budget that’s given by the Chancellor of the Exchequer each year. Invariably, this sees an increase in the amount of taxation levied on company cars, as the Government chases the lower CO2 levels of new cars to recoup lost revenue as cars get cleaner. Company car tax can appear to be daunting, but once you’ve grasped the basics, it’s fairly straightforward to understand, and there are benefit-in-kind calculators on specialist websites that can help you calculate your tax outgoings on a company car.

BIK rates are primarily based on a car’s CO2 emissions, because the government has decided that the best way to help reduce the overall emissions of cars in the UK is to offer tax incentives to businesses that provide staff with company cars. In addition, the amount of tax you pay will be determined by the fuel you put in your car. HMRC has seen fit to include them on BIK rates, albeit at a substantially lower rate than conventional models. However, as these new WLTP RDE2 regs are not going to be fully implemented until 2020, and few cars have been tested to them, there are no new diesel cars that can meet the RDE2 test, and there are unlikely to be any that meet it before 2020, when HMRC will be amending road tax and BIK once again. If you drive a car that has ben provided by your employer, and you can use that vehicle for personal transport outside of work, then it’s considered a company car and is seen as a taxable perk by HMRC. HMRC view it as an additional bonus on top of your annual salary, because the car is paid for by your employer in addition to your standard pay. As a result, there is tax to pay.

The easiest way of calculating how much tax you will have to pay on a company car is to visit the HMRC website, where it has a company car tax calculator with plenty of additional help to ensure you’re paying the right amount of tax. HMRC works out the amount of BIK tax you pay based on the amount of CO2 emissions a car emits. HMRC refers to as the P11D value. One way you can reduce the amount of BIK you pay is to declare if you only have access to the vehicle part-time, or if you contribute to the initial cost of the vehicle. These two caveats should help to reduce your tax outgoings. How much company car tax will I pay?

The amount of company car tax you actually pay is dependent on your annual salary. For example, if you fall into the 20 per cent income tax bracket, you’ll pay 20 per cent of the taxable portion of the car’s P11D value. Those in the 40 per cent tax bracket, meanwhile, pay 40 per cent on the taxable chunk of the P11D. This will usually be deducted from your monthly pay packet.

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