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Venson offers guide to latest BIK tax situation

Date: 07 October 2019   |   Author: Sean Keywood

A new white paper on company car BIK tax rates has been produced by Venson Automotive Solutions.

The firm says the paper has been designed to improve knowledge of tax benefits and incentives for fleet decision-makers and company car drivers when making their fleet choices over the next three years.

It addresses key questions about BIK, and discusses tax advantages of plug-in hybrids.

The publication of the paper, which is available for free via Venson's website, follows the long-awaited announcement of updated BIK rates earlier this year, in advance of which many company car replacements had been delayed.

Venson business development director Danielle Tilley said: "Now is the time to comprehensively review company car choice lists and profile driver journey and mileage usage per individual.

"The latest company car BIK tax has a focus on electric vehicles (EVs), so fleet managers need to embrace the new drivetrain to limit employees' tax burden."

According to Venson, even if at this stage fleet managers are unable to adopt electric cars, they can optimise petrol or diesel choices, for example by choosing RDE2-compliant diesels or finding alternative travel methods through mobility as a service.

Tilley said: "From our own findings, we know there is a greater willingness by company car drivers to adapt to an EV world, even though there are concerns over vehicle availability and the practicalities of being able to charge a vehicle at home.

"However, EVs are here to stay and are the future, and there are some generous tax incentives to help with the transformation.

"If we are going to meet the ambitious target set by the Government's advisory Committee on Climate Change to end the sale of new petrol and diesel cars and vans by 2030 at the earliest, then in many cases it is just two fleet vehicle replacement cycles away.

"Therefore, fleet decision-makers need to be thinking ahead and factoring EVs into their long-term fleet management plans."