2007-02-07 00:47:39 · 5 answers · asked by Michael M 1 in Business & Finance ➔ Taxes ➔ United Kingdom
Yes, the company and individual would both be taxed on the car. The company through class 1a nic (the P11D form) and the individual through their tax code.
2007-02-07 00:56:40 · answer #1 · answered by Elaine D 3 · 1⤊ 0⤋
If your question is that an employer is planning to gift the employee's company car to them on retirement, then there will be a taxable benefit on the employee on the market value of the vehicle at the date of transfer. This would be a one-off tax charge in the year of transfer and the tax liablity would be at the employee's highest marginal rate that year.
Retirement gifts of modest value are not taxable - it doesnt sound as if this falls within that category!
2007-02-07 13:21:34 · answer #2 · answered by fengirl2 7 · 2⤊ 0⤋
It might be more cost efficient for you to "buy" the car for a nominal fee. Ask your company's accountant to check for you.
2007-02-08 11:47:57 · answer #3 · answered by gerrifriend 6 · 0⤊ 0⤋
company car!
2007-02-07 08:50:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
if your name is on the log book its not a company car is it????
2007-02-07 08:53:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋