Volvo Car UK launches fleet-friendly tax web app

Marking the new tax year, Volvo Car UK has launched a new app to give business customers all the information they need to fund a company car. www.fleettaxguide.co.uk/volvocars

Free to use by any business, the Fleet Tax Guide provides a single, accurate source of information to ensure fleets and their drivers are always up-to-date with relevant obligations and entitlements including:

• Tax rates and allowances
  Personal and corporate, including lease rental restrictions

• National Insurance contributions (NIC) rates and thresholds
  Employee and employer NIC rates and thresholds

• Capital allowances
  CO₂-based first year, main pool and special rate pool allowances to 2018

• Benefit-in-Kind (BIK)
  Rates to 2019/20 and fuel benefit multipliers and charges for 2017/18

• OLEV and hybrid grant
  Includes level of grant and eligibility criteria

• Vehicle Excise Duty (VED)
  Standard and first year rates

• Approved mileage allowance payments (AMAPs) and advisory fuel rates (AFRs)
  Maximum income tax free rates for payments to employees

Thanks to the ultra-low emissions of the XC90 T8 Twin Engine Momentum, through the app, fleets can see the range of financial benefits it attracts, including an incredibly low BIK rate of just 9% in 2017/18 for company car drivers. For this year, the BIK tax payable for a 40% taxpayer is just £2,174.40, while Class 1A NIC for employers in 2017/18 are just £750.17.

Selwyn Cooper, Head of Business Sales, Volvo Car UK, said: “The changes in company car tax thresholds continue to encourage low CO₂ company cars, but all the factors involved in funding a car can make the process quite daunting.