Tax & Accounting News

Company Vans

22/03/2007

From 6 April 2007 the taxable benefit for the unrestricted use of company vans will be £3,000 (with no reduction for older vans) plus a further £500 of taxable benefit if fuel is provided by the employer for private travel.

The maximum tax payable on the use of a company van is £1,400 p.a., and the employer's Class1A NIC payable is £448 p.a.

Van and fuel charge (inc. fuel)	2007/08	2006/07
Van more than four years old
Tax (22% taxpayer)	£770	£77
Tax (40% taxpayer)	£1,400	£140
Employer’s class 1A NICs	£448	£44.80
Van less than four years old
Tax (22% taxpayer)	£770	£110
Tax (40% taxpayer)	£1,400	£200
Employer’s Class 1A NIC	£448	£64

 

21 March 2007 Budget Report
Budget Highlights
Business Taxation
Business Incentives
Company Cars
Company Vans
Mileage Allowances
Value Added Tax
Personal Taxation
National Insurance Contributions
Personal Savings
Capital Taxes
Excise Duties
Stamp Duties
Other Measures Announced

 

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