The latest statistics from Expenses and Benefits have been produced (link in the comments section). Interesting to note:
• These relate to the tax year 2016/17 when most companies are currently submitting their 2017/18 P11Ds – almost a year to produce these ‘provisional’ numbers seems a long time when the stats, which can be as much as 2 years old, are driving government policy.
• Total taxable value of all benefits has increased to £8.3 billion. Total tax and NIC liabilities were around £2.8 billion and £1.1 billion respectively.
• Main benefits continue to be Medical, Company Cars and Private Fuel. • Company cars take up dropped 2% but the tax take has increased by 24% (Class 1A NIC up by 5%) – all to do with the increasing BiK scale charges.
• Company cars dropped from 960,000 (15/16) to 940,000 (16/17 provisional) – general consensus was an expected bigger drop.
• Private fuel continues to fall – 180,000 to 160,000, with the amount of tax remaining static.
• The average company car tax charge was £4,480; with the average private fuel scale charge a massive £3,890.
• Lots of detail in respect of CO2 & the continuing trend for lower CO2 emissions.