Employer Provided Cars
From 1 January 2023, Benefit in Kind (BIK) on employer provided cars will be calculated with reference to CO2 emissions. Employers should review their benefit in kind policy and discuss these changes with their employees / directors who have employer provided cars. One notable change is with respect to electric vehicles; currently there is an exemption in place but this will be tapered over the next three years.
Employer Provided Vans
Benefit-in-kind on vans from 1 January 2023 onwards will increase from 5% to 8% of the Original Market Value (OMV). Employers should ensure that those employees / directors who have personal use of an employer provided van have the correct BIK rate applied.
Further information can be found by clicking here.
