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Benefit In Kind Tax BIK | Discover the potential tax benefits of Toyota vehicles

Deciding on what company vehicle to choose can be a minefield. With this in mind, it is crucial to understand taxable benefits when selecting the best car for you and / or your fleet.

With many drivers and business owners often feeling inadequately informed, we have set out to explain in clear terms what Benefit In Kind (BIK) is, what it means to company car drivers / owners, and how shrewd business users can identify potential tax benefits of Toyota vehicles.

What is Benefit In Kind Tax BIK and how is it calculated?

Benefit In Kind is an employee ‘perk’, but it does not come without a price. The monetary benefit is valued and taxed by the government, with the taxable annual figure divided into monthly payments and deducted from your wages by your employer.

The value of a company vehicle is calculated by considering factors including the purchase price, the type of fuel it runs on and its CO2 emissions. Other considerations include its predicted resale value and level of income tax normally paid by the driver.

Why should business users choose a Toyota vehicle and how can this save them money?

The factors used to calculate BIK taxation harmonise with the developmental approach Toyota has been applying for years in order to improve the cleanliness, fuel efficiency, quality and longevity of our models.

Toyota offers a wide range of tax-efficient vehicles, more than half of which are electrified with eco-friendly hybrid technology to reduce emissions and therefore the tax you pay!

Our hybrid powertrains deliver impressively low CO2 emissions and offer very competitive whole-life running costs.

They emit around one-tenth of the NOx emissions of a Euro 6 diesel engine and do not require expensive particulate filters or other emission-reducing systems. Toyota’s regenerative braking significantly reduces both brake and tyre wear.

How much will a Toyota company car cost me?

Toyota offers 13 model lines, seven of which are dedicated hybrid models or can be specified with hybrid technology.

The figures below offer an indication of the potential costs associated with BIK for a 20% income taxpayer as from 1st April 2019. Please note that the most affordable versions of each model from a BIK perspective are displayed and exclude fuel cost contributions. Prices have also been rounded up to the nearest pound.

TOYOTA MODEL

CO2 LEVEL

% OF PRICE TAXED

MARGINAL TAX RATE

TAXABLE VALUE (P11D)

TAX PAYABLE PER MONTH / YEAR

Aygo

93g/km

22%

20%

£9,515

£35 / £419

Yaris Hybrid

84g/km

22%

20%

£16,485

£60 / £725

Corolla Hybrid

76g/km

22%

20%

£23,445

£86 / £1,032

C-HR Hybrid

86g/km

22%

20%

£24,195

£89 / £1,065

RAV4

102g/km

24%

20%

£29,455

£118 / £1,414

GT86

196g/km

37%

20%

£25,990

£160 / £1,923

Prius

75g/km

19%

20%

£24,175

£77 / £919

Prius Plug-in

28g/km

16%

20%

£31,695

£85 / £1,014

Prius +

106g/km

25%

20%

£27,640

£115 / £1,382

Land Cruiser

199g/km

37%

20%

£32,875

£203 / £2,433

Proace Verso

127g/km

33%

20%

£28,190

£155 / £1,861

Hilux (commercial)

187g/km

37%

20%

£24,994

£154 / £1,850

Land Cruiser (commercial)

197g/km

37%

20%

£31,964

£197 / £2,365

Proace (commercial)

144g/km

36%

20%

£23,519

£141 / £1,693

 

We have some great business leasing and contract hire deals across the entire Toyota model range Farmer and Carlisle Leicester & Loughborough.

If you would like to discuss your requirements, request a bespoke quotation and find out how much your business could save, click here to chat with a member of our dedicated team.

Alternatively, call us on 0116 285 2851 today!

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Farmer & Carlisle Reg Office: Farmer & Carlisle Ltd, Belton Road, Loughborough LE11 1ND

Farmer & Carlisle is an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486). Permitted activities include advising on and arranging general insurance contracts and acting as a credit broker not a lender.
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