Fleet Managers who are responsible for keeping up to date with every aspect of company car and van tax rules will be pleased to know that Management Consultant, Colin Tourick has recently published the sixth edition of his ‘Company Car and Van Tax’ guide, in response to the Chancellor’s 2016 budget. The guide covers every aspect of fleet management including understanding the tax implications of expenses, capital allowances, VAT, road fuel duty and vehicle excise duty.
The main changes to consider in the 2016/2017 fiscal year are as follows:
Insurance Premium Tax (which is payable on both car insurance and breakdown cover) will rise to 10% from 9.5%. This will come into effect on October 1st 2016.
Vehicle Excise Duty will rise in line with inflation on April 1st 2016 although these figures have yet to be announced.
Company Car Tax and Fuel Benefit Charge rates are already published up until 2019/2020. The 3% difference between petrol and diesel cars will remain until April 2021 and Company Car Tax Rates will continue to be based on CO2 emissions.
Benefit-in-Kind tax bills will rise from April 2016 (applicable for those who use company-funded fuel) and the fuel benefit charge multiplier for company cars will increase to 22,200 for 2016/2017 (an increase of £100).
The full 89-page document is available to download here and it covers every aspect of company car and van tax that fleet managers must consider to manage their fleet effectively. It also covers tax from the position of the employee and rules that relate to the self-employed.
Whether you are a large or small organisation, ‘Company Car and Van Tax 2016-17” is a valuable resource which will help you and your organisation to get the most from your tax management practices. Alternatively, for tailored company vehicle tax help and advice, you can get in touch with Toomey Leasing where our experts are on hand to help. Call us on 0800 091 4252 today!
For more information on Toomey’s fleet and vehicle leasing solutions, please visit https://toomeylease.com.