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A company car driver can expect to pay vehicle benefit tax If the company pays for the use of fuel on private journeys, tax on fuel benefit will also be applied.
For a monthly paid car driver on the PAYE system with the correct tax code, one twelfth of the appropriate amount of tax will be deducted from income via the monthly payroll. The car benefit is added to your income for tax purposes. For an individual already close to the threshold for higher rate tax, some will be taxed at 20 percent, and some at 40 percent. The P11D value is fixed for the life of the car according to the new list price when first registered, but other rates may change.
Vehicle benefit tax
|Tax year to 5th April||2022/23||2023/24||2024/25|
|Benefit in kind||£2,210||£2,210||£2,210|
|Tax payable at basic rate||£442@20%||£442@20%||£442@20%|
|Tax payable at 40%||£884||£884||£884|
Fuel benefit tax
|Tax year to 5th April||2022/23||2023/24|
|P11D value||£ 0||£ 0|
|Benefit in kind||£ 0||£ 0|
|Tax payable at basic rate||£ 0@20%||£ 0@20%|
|Tax payable at 40%||£ 0||£ 0|
View effect on net pay
What will my income tax be with a company car? How will a company car affect my net pay?
Where tax rates are unknown for future years we have used the latest confirmed rates, rather than attempt a guess at future changes. For instance the company car tax percentages might be known for 1 or 2 years time but PAYE and N.I. thresholds are only known for this year.
|On the road price including options||£110,545|
|First-year VED||£ 0|
|Manufacturers price date||01-Jan-2023|
|Value for P11D excluding options||£110,490|
|Taxable accessories||£ 0|
|Non-taxable items||£ 55|
VED, FRF, non-taxable options such as telephone, telephone wiring or servicing packages. Discounts and grants will be shown as a negative item.
|Capital contributions||£ 0|
|Amount paid annually for private use of the car||£ 0|
|Fuel type key letter||E|
The fuel type key letter is required for the P46(car) form used to inform the tax authorities of the exact level of benefit arising from a company car.
Euro 6d-TEMP is a minimum requirement for new cars from September 2019. Diesels that meet the higher standard of 6d also conform to the RDE2 NOx emission limits and avoid the 4% diesel company car tax supplement.
|Electric battery range||387miles|
AER (All Electric Range) or ZER (Zero Emission Range). The official figure can be found on the Certificate of Conformity issued with the vehicle. If it includes a fraction of a mile, round up to whole miles for the P11D.
The base data has been taken from the manufacturer and applied to the latest tax information. Errors or changes could arise. Send a Calculation Enquiry if there is something you don't understand or think might be incorrect. Please see the full Terms and Conditions.
|CO2 emission||0 g/km|
The CO2 emission figure comes from the type approval test and is set for the life of the car.
|Maximum CO2||0 g/km|
The final CO2 figure for this vehicle will be in the range of 0-0 depending on the options fitted and final testing.
The Green label is the colour coded VED band.
|Corporation tax||100% FYA|
For companies, this indicates the level and rate at which the cost of the vehicle can be relieved against profits and corporation tax. Since April 2009 these are based on CO2
|NCAP safety rating||—|
Where shown, click on the stars for the latest NCAP report on this range. It may not be for the exact model, but serves as a guide.
|Number of seats||5|
|Fuel consumption (mpg)||mpg– to 0.0|
Currently HMRC do not think of electricity as a fuel. Therefore, there is no fuel consumption on fully electric vehicles including hydrogen fuel cell vehicles.
|Number of doors||4|
|Acceleration 0 to 60 mph||4.7s|