Discussion
Friend has a Kia Proceed company car - its about £1700 in BIK tax per year.However , they claim that HR Dept told that with private and business fuel use their total BIK bill is £6000 per year .Is that correct ? Seems excessive to me ? - although it is something i am not at all expert on.
BIK will double the tax take is he has free fuel on a Proceed.
Its BIK rate is in the 30% range, so on top of the £8-9K BIK on the car he has 30% on the £27800 fuel rate as well.
At 40 % tax rate might be in that £6k ball park, unless i am miles out, the £1700:you mention was at 20%.
A fuel card for me wasn’t worth it from 2015 and the company car itself crossed the line about 2019.
Its BIK rate is in the 30% range, so on top of the £8-9K BIK on the car he has 30% on the £27800 fuel rate as well.
At 40 % tax rate might be in that £6k ball park, unless i am miles out, the £1700:you mention was at 20%.
A fuel card for me wasn’t worth it from 2015 and the company car itself crossed the line about 2019.
Edited by Rough101 on Tuesday 9th April 20:25
Edited by Rough101 on Tuesday 9th April 20:26
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