How do I calculate BIK on a company car?

How do I calculate BIK on a company car?

How is BIK calculated? To work out the BIK value of a company car, you multiply the car’s P11D value (its list price including optional extras, VAT and delivery charges, minus the first year registration fee and annual VED car tax) by the percentage banding the car sits in.

How do you find the P11D value of a car?

To calculate annual company car tax the P11D value is multiplied by the percentage rate of income tax you pay (20% or 40%) and by the benefit-in-kind tax band dictated by the car’s carbon dioxide emissions.

What is the list price of a car for P11D?

The P11D value is the list price of a car including VAT and any delivery charges but it does not include the first registration fee or road tax. Any factory options fitted to the car will be included in the list price and, therefore, the P11D value.

What is the BIK on bmw330e?

Click here to access the BMW Company Car Tax Calculator. A new BMW 330e Sport Saloon has a P11D price of £42,080, electric range of 36 miles and CO2 emissions of 36g/km, putting it in the 11% BIK band in 2021/22.

How do you calculate cash equivalent for a company car for a P11D?

The cash equivalent of the company car provided is calculated by taking the list price of the car, multiplied by a certain percentage, this percentage depends on the amount of carbon dioxide emitted by the car.

How much is tax band D on a car?

Cars registered between 1 March 2001 and 31 March 2017

Band CO2 emission (g/km) Petrol car (TC48) and diesel car (TC49) (Single 12 month payment)
C 111 – 120 £30
D 121 – 130 £130
E 131 – 140 £155
F 141 – 150 £170

Is the BMW 330e tax free?

The plug-in hybrid BMW 330e is a remarkably efficient way to cover your business miles. The plug-in hybrid BMW 330e is a remarkably efficient way to cover your business miles, as it offers claimed economy of up to 148mpg with tax-free emissions of just 49g/km.

When do you get a CO2 rating on a BMW?

A measurement is made for all new BMW models by BMW’s own European Union Approved Test Centre. All new vehicles registered after March 2001 will include their official CO2 rating on their registration document (V5). For vehicles registered prior to this date please click on the question ‘What if the vehicle was registered before March 2001’ below.

What does BMW Fleet and business sales do?

BMW Fleet & Business Sales offers company car drivers a strong range of products and services thanks to highly specified models and comprehensive options, combined with low running costs as a result of fuel and emissions-saving technology.

How is benefit in kind ( BIK ) tax calculated?

Benefit in Kind (BIK) tax is predicated on the CO2 emissions of a vehicle. The BIK rate is multiplied by the P11D price of the car to derive the value of the annual taxable benefit. The rate of income tax paid by the driver is then applied to this amount to give the annual BIK charge.

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