To figure out how much tax you’ll need to pay, you’ll first need to find out:
Now that you know which car tax band your vehicle falls into, you can find out the taxable value of your car by multiplying the P11D value of your car by the CO2 tax rate from the table. Once you’ve got this figure, you then multiply it by your income tax rate (20%, 40% or 50%) to get the amount of BIK tax you need to pay. While you’re likely to find a company car tax calculator with a simple online search, it all really comes down to this simple equation:
Now you know what company car tax changes are, but if you would like to find out the leasing costs of a particular vehicle please call Stacey Howlett for assistance.
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