IF you drive a company car, then you’re not alone. In fact, you’re part of a growing trend of company car drivers.
In the most recent figures from the government showing benefit-in-kind statistics for 2014-15, the company car driver numbers increased to 950,000, representing a 1% uplift.
While it’s a massive advantage driving a company car that you don’t have to pay for, there is a payback in the form of company car tax.
Oh well, but probably better than paying for the car!
Find out how much company car tax you should pay, click here
According to the BVRLA, these increased company car driver numbers contributed an average of £1,430 in company car tax, a total of £1.37bn for the Chancellor of the Exchequer.
This figure was 5% higher than in 2013/14 and is expected to rise by 8% to £1.48bn for 2015/16. In contrast, company car tax revenues fell by nearly 5% between 2007 and 2013, reflecting the reduction CO2 emissions key to BIK calculations.
The same report highlighting the company car driver increase says that 82% of company cars are diesel and 18% are petrol, with an estimated 1,700 pure electric vehicles also provided.