So…. I have been offered a company car, after looking into the BMW i4, 2% BIK, and 20% tax bracket…. It shows only £18 a month??? Is this the only cost to me, or do I pay a month leasing agreement too?
My wife has been offered a company car and she is looking at a plug in hybrid. Will she be paying anything towards the car on top of the BIK tax or is that all that will be deducted from her wage?
I recently had my Ltd company I want to buy a car via company , I didn’t take any salary or dividends from it as I want to leave it grow.. I’ve heard that if I buy a car via Ltd, the company need to be PAYE registeed “payee” and submit monthly to HMRC ? Many thanks
Hi Darren, if you are the director of the Ltd company on a salary below £12k (excluding dividends) do you still pay BIK and NI on the costs of the car as you are below the 20% threshold??
As a limited company with only one employee. ( myself) What is the best way to have a vehicle, is it to buy outright and use it as a depreciating asset , is it to lease ? Bearing in mind that working construction and it's always a bit bit iffy with recession on the way.
Great video! If one is a director of a LTD, but does not draw a salary, what is the best option to get a car using the funds in the company? I've never drawn a salary as we started just before Covid and I can't afford to pay myself! It would be personal and business use and doesn't have to be an EV. Thanks!
Really good video! Thank you. Could you do a video going into more detail of how a director may go about leasing a hybrid or fully electric car, through their company or the best way of doing it ? Thank you !
Well done great video. The best i could find from UK 👍 Would be nice if you can make a video on how to buy a car in the business name, including credit line criteria etc
Firstly, I applaud your many helpful videos; they have truly been beneficial. I have one question: Do charging stations for EVs log data when used, making it easy to provide proof to the HMRC, when charging at home?
Great video! As a company director am I right in thinking I can pay myself 45p a mile car allowance tax free? So if I lease a vehicle privately and do 10,000 miles i can pay myself £4,500 tax free?
Great video, how does it change for a company van? and does the BIK change if you still own a personal car? helping to support the van is 100% business use. Thanks
Nice one. The reason I Became a LTD from being a sole trader for years is because I want a Tesla. Registered 2 days ago and looking into what I can do. Your videos have been invaluable.
Thanks for the video. Can you explain how the £40k tax value effects BIK, or doesn't it? I'm in the process of picking a new company car butP11D value £38,900 with some options the P11D value will be £40,150. Will this change the amount of tax I pay? I can't seem to find a straight answer anywhere online
Hi Darren, could you do a video explaining how to, and the tax implications when using profit from one Limited company to purchase another (separate) Limited company?
I'm currently trying to get my head around this whole process right now. I have a £485 cash allowance (gross) or £320 if I choose a company lease. The car I am looking at has a high BIK % and the cost is £311 per month. Does the £320 allowance cover this or am I still going to pay in additional tax. I think I know the answer but clarification would be appreciated 🙂
As an fba seller can I get an electric company car and pay no bik tax? Also as you know with fba the use of the car for the biz would be really low. So can I still get one and claim 50% VAT?
Great video Darren, A quick question about FYA for Electric Vehicles....If you claim a 100% FYA can you then claim a Writing Down Allowance on the vehicle in subsequent years? If so, how do you work out the 2nd year value?
A great video and really helpful. I'm thinking of buying an electric estate car to use for work. As a vat registered limited company, am I correct in thinking I can claim 50% of the vat back and put the full value of the car against corporation tax?
So those calculations at the end: that’s the tax you’d pay, on top of the lease/payments for the car on a monthly basis? So as an example if I were to lease an EV car, through a ltd company for, say, £300pcm I would pay £0 tax on top, but, ~£115 tax a month on top of regular car payments of similar value?
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So…. I have been offered a company car, after looking into the BMW i4, 2% BIK, and 20% tax bracket…. It shows only £18 a month??? Is this the only cost to me, or do I pay a month leasing agreement too?
Brilliant video
My wife has been offered a company car and she is looking at a plug in hybrid. Will she be paying anything towards the car on top of the BIK tax or is that all that will be deducted from her wage?
I recently had my Ltd company I want to buy a car via company , I didn’t take any salary or dividends from it as I want to leave it grow.. I’ve heard that if I buy a car via Ltd, the company need to be PAYE registeed “payee” and submit monthly to HMRC ? Many thanks
Hi Darren, if you are the director of the Ltd company on a salary below £12k (excluding dividends) do you still pay BIK and NI on the costs of the car as you are below the 20% threshold??
As a limited company with only one employee. ( myself)
What is the best way to have a vehicle, is it to buy outright and use it as a depreciating asset , is it to lease ? Bearing in mind that working construction and it's always a bit bit iffy with recession on the way.
Too many variables to answer.
Your the first channel I've seen with a proper breakdown with examples, thank you so much Tesla here I come
this channel is the bible of UK regulations, great job mate!
Great video!
If one is a director of a LTD, but does not draw a salary, what is the best option to get a car using the funds in the company? I've never drawn a salary as we started just before Covid and I can't afford to pay myself!
It would be personal and business use and doesn't have to be an EV.
Thanks!
Really good video! Thank you. Could you do a video going into more detail of how a director may go about leasing a hybrid or fully electric car, through their company or the best way of doing it ? Thank you !
You may find this video useful, it answers a lot of general car leasing questions: th-cam.com/video/ZmS9Mb6tWqc/w-d-xo.html
Well done great video. The best i could find from UK 👍
Would be nice if you can make a video on how to buy a car in the business name, including credit line criteria etc
What a great video, so clear and understandable.
Firstly, I applaud your many helpful videos; they have truly been beneficial. I have one question: Do charging stations for EVs log data when used, making it easy to provide proof to the HMRC, when charging at home?
Great video!
As a company director am I right in thinking I can pay myself 45p a mile car allowance tax free?
So if I lease a vehicle privately and do 10,000 miles i can pay myself £4,500 tax free?
Thank you so much. working on my EE for economics exactly on this
Great video, how does it change for a company van? and does the BIK change if you still own a personal car? helping to support the van is 100% business use. Thanks
Nice one. The reason I Became a LTD from being a sole trader for years is because I want a Tesla.
Registered 2 days ago and looking into what I can do. Your videos have been invaluable.
did you get it?
Hi can you make a video on buying an electric car wholly via Ltd company for 22-23 year or suggest a good site or video? Ta
Thanks for the video. Can you explain how the £40k tax value effects BIK, or doesn't it? I'm in the process of picking a new company car butP11D value £38,900 with some options the P11D value will be £40,150. Will this change the amount of tax I pay? I can't seem to find a straight answer anywhere online
Hi Darren, could you do a video explaining how to, and the tax implications when using profit from one Limited company to purchase another (separate) Limited company?
That sounds like a good video, unfortunately it's a topic I don't have any experience with 👍
Thank you, That was exactly what I needed. VERY informative. Can I suggest a video on "Leasing a Company car" ?
You may find this video useful, it answers a lot of general car leasing questions: th-cam.com/video/ZmS9Mb6tWqc/w-d-xo.html
I'm currently trying to get my head around this whole process right now. I have a £485 cash allowance (gross) or £320 if I choose a company lease. The car I am looking at has a high BIK % and the cost is £311 per month. Does the £320 allowance cover this or am I still going to pay in additional tax. I think I know the answer but clarification would be appreciated 🙂
As an fba seller can I get an electric company car and pay no bik tax? Also as you know with fba the use of the car for the biz would be really low. So can I still get one and claim 50% VAT?
You mention the potential savings on a car through VAT, but what about VAT when you come to sell it? (In my case I don't wish to lease).
I have a company car that is now 5 years old. Do I get any reduction in tax because it is now an older vehicle?
Great video Darren, A quick question about FYA for Electric Vehicles....If you claim a 100% FYA can you then claim a Writing Down Allowance on the vehicle in subsequent years? If so, how do you work out the 2nd year value?
A great video and really helpful. I'm thinking of buying an electric estate car to use for work. As a vat registered limited company, am I correct in thinking I can claim 50% of the vat back and put the full value of the car against corporation tax?
Awesome video, that explains why most contractors have electric cars. Now from the company perspective is the 30k a capital payment?
You're a legend. Thank you so much for this.
Can you contribute towards a pension tax free, or can your company do it on your behalf?
thinking about getting an ev for next year maybe
do you know this situation to claim back for charging ?
Excellent explanation. Thanks very much.
Can you do an updated 2021 version?
What if the company buys a used car value approx 3k? 190g/co2
Surely it’s just Cheaper to give it to the employee than paying the tax?
Spot on Darren, once again!
Can u do one on car finance from Limted company
Great video as always, thanks 👍
So those calculations at the end: that’s the tax you’d pay, on top of the lease/payments for the car on a monthly basis? So as an example if I were to lease an EV car, through a ltd company for, say, £300pcm I would pay £0 tax on top, but, ~£115 tax a month on top of regular car payments of similar value?
Correct 👍
hi tom, did you get it? I need some help
I understood that a company can claim depreciation on a car it owns. How do you factor that into the calculations?
Take a look into capital allowances, I think that is the best route if you buy a company car 👍
GOOD
Thank you
Are you an accountant?
@Shamima Begum and mi6 agent
@Shamima Begum 😂😂
I'm not an accountant, otherwise I'd be charging you for less helpful advice 😂😀😂
I'd check out Accounting & Tax Academy for real accountants!