Car and fuel benefit calculator updated
The car and fuel benefit calculator has been updated to include calculations for the 2014-15 tax year. The car fuel benefit multiplier, currently £21,100, will increase to £21,700 for the 2014-15 tax year. The fuel benefit charge is determined by reference to the CO2 rating of the car, applied to a fixed amount. For example, from April 2014 a CO2 rating of 25% would lead to a taxable benefit of £5,425. The fuel benefit is removed if the employee paid for all their private fuel use.
The calculator is intended to help work out the car benefit charge where a company car is provided to an employee for their own private use. The calculator is also intended to work out the fuel benefit charge where an employer provides fuel to employees for private use. The online calculator can be used for tax years as far back as 2009-10.
In addition, the fuel benefit for a van with significant private use is currently £564 and will increase to £581 for the 2014-15 tax year. If private use of the van is insignificant then no benefit applies.