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Tax Breaks for Directors - Part 1 Directors only - 5. Company cars - 5.7. Car fuel - 5.7.2. Power for electric cars
5.7.2. Power for electric carsIf your company provides you with a full electric or plug-in hybrid car and pays for charging it, fuel benefit does not apply because the rules don’t count electricity as fuel. However, with one exception, if your company pays for charging your car and you use it for private journeys, the corresponding amount is taxable. The charge can be avoided by reimbursing your company at the rate of 4p for each mile of your private journeys.The exception mentioned above is an exemption...Click here -
Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.3. Benefits in kind - 6.3.3. How are benefits in kind taxed? - Fuel provided for company cars
Fuel provided for company carsWhere an employer provides (or bears the cost of) any fuel used for private purposes in an employee’s company car and the employee doesn’t reimburse the employer for it a fuel benefit will arise.The cash equivalent of this fuel benefit is the company car benefit set percentage multiplied by a set figure. The figure is £24,100 for 2019/20 and £24,500 for 2020/21. ExamplePenny, from the above example, is also provided with fuel for private use. The taxable cash equivalent...Click here
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