Financial year end tax tips for businesses with commercial vehicles
As we are all aware the end of the financial year seems to be coming around quicker than ever. Companies just like you are filing their accounts and working out their budgets for the year-ahead. With this in mind, this guide provided by RAM Tracking enables you to understand useful tax tips to consider for your next financial year.
How to avoid pitfalls when calculating your company vehicle tax:
• Make sure that you’re using the right ‘Benefit-In-Kind’ rate for the type of vehicle
• How to calculate your tax based on diesel and petrol vehicles
• The benefit of electric vehicles
• Your simple/easy tax year-end check list
As you work on your financial end of year summary, here are some important tax reminders:
• 2018/19 financial year is from 6 April 2018 to 5 April 2019
• You need to tell HMRC if you provide any cars for private use by company directors or employees earning at a rate of £8,500 or more including expenses and benefits.
– ‘Private use’ includes employees’ journeys between home and work, unless they’re travelling to a temporary place of work.
• There are a number of different rules for private use depending on the type of vehicle(s) that you provide to your employee(s)