Car and fuel benefit calculator
HMRC have confirmed that the car and fuel benefit calculator on HMRC’s website which was last updated in January 2010 remains valid following the 2010 Budget and Finance Act.
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 found at http://cccfcalculator.hmrc.gov.uk/ The calculator can be used for tax years as far back as 2004-5.
The main changes affecting the 2010-11 calculations are:
- The lower threshold (the CO2 emissions figure which sets the 15% rate) is reduced from 135 to 130 g/km.
- The appropriate percentage for cars powered solely by electricity has been reduced to 0% for five years.
The calculator does not currently calculate the correct appropriate percentage for cars with CO2 emissions figures of 75g/km or lower. However, this is a moot point as there are currently no cars in this category. The next update of the calculator will take this change into account.