Electric Car Benefit In Kind 2024/25. For a higher rate taxpayer, the tax hit is £240. Consequently, a basic rate taxpayer would only pay £120 in tax for the benefit of having an electric company car available for their private use throughout 2024/25.
We have broken down how the benefit in kind (bik) tax applies to electric cars, and how you can achieve significant savings with the electric car scheme. As of 2024, all fully electric cars are eligible for a 2% bik rate, and this is set to stay the same until it changes in april 2025 (when it goes up to 3%, increasing a percentage point each year.
The Complete Guide To Benefit In Kind, Sometimes Referred To As Electric Company Car Tax, Covering What A Company And Employee Need To Contribute And How It Is Calculated.
In this comprehensive guide, we explore bik rates for evs.
Indeed, The Electric Car Benefit In Kind (Bik) Is Much Lower Than The Bik For Petrol Or Diesel Cars.
The 2% bik rate is set to remain at 2% for the 2024/25 tax year, after which it will increase by 1% a year each year to reach 5% in 2027/2028.
Electric Car Benefit In Kind 2024/25 Images References :
Tax Payable At Basic Rate:
Do you pay company car tax on electric cars?
The Current 2024 Benefit In Kind (Bik) Rate In The Uk Is 2% For Electric Cars.