Anthony Ingham Posted April 6 Share Posted April 6 It clearly takes someone much more cleverer than me to understand the logic behind this. Does anyone want to enlighten me? https://www.manxradio.com/news/isle-of-man-news/benefit-in-kind-tax-changes-take-effect Quote Link to comment Share on other sites More sharing options...
Blade Runner Posted April 6 Share Posted April 6 5 minutes ago, Anthony Ingham said: It clearly takes someone much more cleverer than me to understand the logic behind this. Does anyone want to enlighten me? https://www.manxradio.com/news/isle-of-man-news/benefit-in-kind-tax-changes-take-effect The island has too many government employees 3 1 Quote Link to comment Share on other sites More sharing options...
Anthony Ingham Posted April 6 Author Share Posted April 6 25 minutes ago, Blade Runner said: The island has too many government employees That has to do with the logic of stinging only a small subset of the population how exactly? 1 Quote Link to comment Share on other sites More sharing options...
finlo Posted April 6 Share Posted April 6 47 minutes ago, Anthony Ingham said: It clearly takes someone much more cleverer than me to understand the logic behind this. Does anyone want to enlighten me? https://www.manxradio.com/news/isle-of-man-news/benefit-in-kind-tax-changes-take-effect Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted April 6 Share Posted April 6 1 hour ago, Anthony Ingham said: It clearly takes someone much more cleverer than me to understand the logic behind this. Does anyone want to enlighten me? https://www.manxradio.com/news/isle-of-man-news/benefit-in-kind-tax-changes-take-effect Good move. Quote Link to comment Share on other sites More sharing options...
Fred the shred Posted April 6 Share Posted April 6 The Government are desperate for money and are looking to raise some using any means they can, the doorbell tax or whatever you may call it sums it up. Local Authorities have, with one exception ,increased rates substantially and waste disposal is the universal cost that has hit them hardest it would seem. Who controls waste disposal…the Government, they have raised prices at the amenity centres for some commodities. Road Tax no doubt has gone up along every government controlled department, there is no end to it . We will all appreciate these extra charges when a grant is given to house The Peggy in it’s splendid new surroundings though won’t we after all what is four million and counting . 2 Quote Link to comment Share on other sites More sharing options...
Anthony Ingham Posted April 6 Author Share Posted April 6 4 minutes ago, GD4ELI said: Good move. How? Can you explain because it makes no sense at all to me which is why I asked the question 1 Quote Link to comment Share on other sites More sharing options...
Anthony Ingham Posted April 6 Author Share Posted April 6 I understand that the government need more money. The question is, what is the logic in this tax grab? It feels a bit like someone in government assumed this would be a way of getting more cash from wealthy business owners without understanding that it would also hit hard working people who happen to have vehicles provided by their employer. These vehicles are normally part of the overall remuneration package and so come with a lower basic salary, and now those people are hundreds of not thousands of pounds a year worse off and unable to do anything about it. 1 Quote Link to comment Share on other sites More sharing options...
WTF Posted April 6 Share Posted April 6 might be a few cheap ex company cars available shortly then ?? 1 1 Quote Link to comment Share on other sites More sharing options...
Anthony Ingham Posted April 6 Author Share Posted April 6 5 minutes ago, WTF said: might be a few cheap ex company cars available shortly then ?? Doubt it. They will all be leased so people are stuck with them for years. Quote Link to comment Share on other sites More sharing options...
WTF Posted April 6 Share Posted April 6 6 minutes ago, Anthony Ingham said: Doubt it. They will all be leased so people are stuck with them for years. businesses are stuck with them, if you don't really need a car hand it back to the company , take the alleged cash equivalent and just pay the tax on that and buy your own cheaper car , i have no idea where the tipping point would be between company car and tax and own car and tax but no doubt someone will do the maths 1 1 Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted April 6 Share Posted April 6 32 minutes ago, GD4ELI said: Good move. Company cars are a way of avoiding tax, this stops it. Quote Link to comment Share on other sites More sharing options...
Anthony Ingham Posted April 6 Author Share Posted April 6 1 minute ago, WTF said: businesses are stuck with them, if you don't really need a car hand it back to the company , take the alleged cash equivalent and just pay the tax on that and buy your own cheaper car , i have no idea where the tipping point would be between company car and tax and own car and tax but no doubt someone will do the maths “Hey boss. You know the car you leased to enable me to do my job, which is here for the next four years? Do you mind just parking it up and paying me and extra £500 a month? Thanks” Yeah. Good idea 😂 Quote Link to comment Share on other sites More sharing options...
Gladys Posted April 6 Share Posted April 6 Isn't it intended to incentivise EVs as company cars? All for incentives to move to greener choices, but this seems penal and another manifestation of the helter-skelter skelter, at any cost, come what may approach to proving our green credentials. But, how many people get company cars as part of their package, unless they need them to perform their job, now? They used to be perks, but the tax treatment in the UK I thought had reduced their attractiveness in recruitment and retention with a knock on here. I suppose most affected will be those owner managed businesses where the owner would put their car 'through the books' of the company. 2 Quote Link to comment Share on other sites More sharing options...
Anthony Ingham Posted April 6 Author Share Posted April 6 Just now, GD4ELI said: Company cars are a way of avoiding tax, this stops it. How? It might be the case for a company owner who just runs his own vehicle through the business, but absolutely not for people who get a lower salary and a car which is absolutely vital to their employment. Your thought process is exactly the one I think government have employed without any understanding of the normal hard working people that this will impact. Quote Link to comment Share on other sites More sharing options...
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