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Industry-leading Fleet Tax Guide updated with critical cash or car calculator

Industry-leading Fleet Tax Guide updated with critical cash or car calculator

Leading fleet funding and vehicle taxation experts BCF Wessex has updated its Fleet Tax Guide benefit-in-kind calculator which, in what is believed to be an industry-first, now includes the ability for users to find out if the cash alternative offered by their employer will increase their tax bill.

The Fleet Tax Guide, which is available via an online mobile app, has been enhanced for 2017/18 to reflect all the spring Budget tax announcements including confirmation of reforms to car salary sacrifice and car or cash allowance rules.  

Essentially the new rules, known as Optional Remuneration Arrangements (OpRA), mean employees opting for a salary sacrifice arrangement or taking a company car in lieu of a cash alternative will pay tax on the higher of the existing company car benefit value and the salary sacrificed or cash allowance given up. However, car arrangements in place before 6 April, 2017 are protected until April 2021 and ultra-low emission vehicles - currently those with CO2 emissions of 75g/km or less - are exempt from the regulation.  

BCF Wessex director David Rawlings said the new data-driven tax calculator - available at http://taxguide.bcfwessex.co.uk - allows Fleet Tax Guide users to calculate the income tax due on a company car.
 

Not only does the Fleet Tax Guide use an extensive vehicle database, but critically includes a new calculation that enabled users to find out if the cash alternative offered by their employer would increase their tax burden.  

Mr Rawlings said: “A huge number of company car drivers also get offered a cash allowance, the new way that benefit-in-kind tax is calculated may give them a financial headache if they don’t consider the effect cash alternatives now have on the cash or car decision. We believe we are the first to introduce this particular functionality to a benefit-in-kind tax calculator.”  

As well as the benefit-in-kind tax calculator, the 2017/18 updated Fleet Tax Guide includes a summary of the 2017 Budget and a comprehensive set of relevant tax tables.  

To access the Fleet Tax Guide via an app type http://taxguide.bcfwessex.co.uk into a smartphone, tablet or desktop browser.