Electric cars and company car tax – what you need to know
As budgeting for the 2020/21 financial year begins, the electric vehicle industry is set to be boosted by a surge in the number of electric company cars, as owners of emissions-free electric fleet models will pay no benefit-in-kind (BIK) tax for 2020/21 tax year. In this blog we set out the highlights and what it means for companies and employees choosing to switch to electric: How is company car tax calculated? Company car tax is a tax on the “Benefit in Kind”(BiK) that an employee receives when they are provided with a car for their personal use. HM Treasury calculates
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