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Benifit in Kind Fuel
interactivevehicle
Posts: 55 Forumite
in Cutting tax
Quick question if you take on a benifit in kind fuel card part way through the year do you pay for the whole tax year or from the date you accept the perk?
Thanks,
Ivan.
Thanks,
Ivan.
0
Comments
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It's pro-rated from the time you start to receive it. The BIK on fuel can be massive though so I would seriously consider whether you do enough miles to make it worthwhile. Don't forget that the BIK is the same whether you do 1 mile or 100,000 miles! I would never take fuel from my employer as the income tax I would pay on it is not worth the benefit I'd get.0
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catloverbex wrote: »It's pro-rated from the time you start to receive it. The BIK on fuel can be massive though so I would seriously consider whether you do enough miles to make it worthwhile. Don't forget that the BIK is the same whether you do 1 mile or 100,000 miles! I would never take fuel from my employer as the income tax I would pay on it is not worth the benefit I'd get.
Isn't this contradictory?
The legislation says if you receice any BIK fuel then you are charged.The only thing that is constant is change.0
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