Accountants In Worthing – How Are Company Vehicles Taxed?
Accountants in Worthing can help your business to run in the most tax efficient manner possible. One topic that often comes up in conversation is taxation on company cars. In the past, one of the benefits of having your own company was being able to run a decent vehicle by getting your firm to lease it. However, this isn’t really the case any more.
Tax rules have changed over the years, and it may be more efficient for you to run your own private car and simply claim mileage expenses instead. Of course, your tax return accountant will be able to advise on the best route forward your business specifically, but this does seem to be the preferred choice today. It is the reason why a lot of managers of large corporations are now opting out of the company car scheme. This is because company car tax is now based on carbon dioxide emissions. Previously, it was worked out based on the amount of business mileage you did and the age of your vehicle. These old rules meant that there was a lower tax liability for those who drove more. Nowadays, HMRC encourages companies to use cleaner and more fuel-efficient vehicles. The downside of this is that working out your tax liability can be much more complicated, which is where a qualified accountant really shows their worth. They will consider factors such as engine capacity, fuel type and list price of the car to determine how much you need to pay.
High-quality accountants Sussex and Worthing based can assist you when it comes to running vehicles in the most tax efficient manner for your business. This is exactly what you can expect from AMG Financial Chartered Tax Advisers & Accountants. In fact, we can offer bespoke advice on all tax-related matters. To find out more about what our accountants Sussex based can do for you, head to http://amgfinancial.co.uk.
Our only office location is in Chichester, West Sussex.