BIK on electricity for private mileage
Discussion
Is there any BIK payable on electricity used for charging an electric car for mileage considered private, if your employer offers 'free' fuel?
Our company offers 'free' fuel to all employees with company vehicles if they are happy to pay the BIK.
For fuel engined cars very few could make this pay so the benefit is paid back at the HMRC pence/mile rates.
I see there is a £0.05/mile rate from January for full EV cars but if I were to ask for my EV to have 'fuel' included, what is the BIK rate? I can't find it anywhere
Our company offers 'free' fuel to all employees with company vehicles if they are happy to pay the BIK.
For fuel engined cars very few could make this pay so the benefit is paid back at the HMRC pence/mile rates.
I see there is a £0.05/mile rate from January for full EV cars but if I were to ask for my EV to have 'fuel' included, what is the BIK rate? I can't find it anywhere
I don't think electricity for cars counts as a BIK.
Our company allow anyone to charge at work, without paying anything. As far as I know there is no BIK.
Unfortunately we're not allowed free petrol/diesel!
Although there was a time I was allowed to use petrol/diesel from site and it was taxed as a cash benefit (because it was my personal car) so a good saving!
Our company allow anyone to charge at work, without paying anything. As far as I know there is no BIK.
Unfortunately we're not allowed free petrol/diesel!
Although there was a time I was allowed to use petrol/diesel from site and it was taxed as a cash benefit (because it was my personal car) so a good saving!
if i could butt in on this one - how does an EV company car typically work with private miles - are there standard HMRC rates that are deducted from a salary?
as an example, my current set up of a car allowance and using my own car with a fuel card, means i declare social miles every month and it just gets multipled by 'x' pence and gets deducted from my salary.
i do a lot of social miles - will i get a hammering if i chose an EV car as a company car? the other thing that springs to mind is if said car has a mileage allowance on it (Assuming its leased).
as an example, my current set up of a car allowance and using my own car with a fuel card, means i declare social miles every month and it just gets multipled by 'x' pence and gets deducted from my salary.
i do a lot of social miles - will i get a hammering if i chose an EV car as a company car? the other thing that springs to mind is if said car has a mileage allowance on it (Assuming its leased).
Think HMRC is 4p / mile v the normal 9 - 15p for ICE vehicles for diesel. For most of my team, the ICE rates barely paid unless driving like a saint, or you bagged a 2.2 diesel.
EV works really well if you can charge the majority of the time from home - 2p profit per mile (overnight Octopus at 5p/kwh, 5p = 3 miles), but its s**t if you are forced to pay for public charging at 35-69p/kwh.
Obviously, tax breaks make a huge difference too. Most of my lot do 15-20k miles PA, and they are dropping their ICE as fast as they can, saving them hundreds a month, but most are 40% tax bracket to be fair, savings are halved at sub £50k-ish.
And as they regularly point out to me, when they charge on the road, its works time, not theirs......
EV works really well if you can charge the majority of the time from home - 2p profit per mile (overnight Octopus at 5p/kwh, 5p = 3 miles), but its s**t if you are forced to pay for public charging at 35-69p/kwh.
Obviously, tax breaks make a huge difference too. Most of my lot do 15-20k miles PA, and they are dropping their ICE as fast as they can, saving them hundreds a month, but most are 40% tax bracket to be fair, savings are halved at sub £50k-ish.
And as they regularly point out to me, when they charge on the road, its works time, not theirs......
Edited by dgswk on Thursday 27th January 21:13
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