Please can someone confirm that you only need to report a benefit in kind at the end of the tax year on form P11D? Someone I work for has a company vehicle and is at the moment not taxed in the benefit, can I let the IR know now so that that the tax starts to be deducted sooner rather than later? I am thinking that f HMRC are not informed until next year, the tax hit may be greater ie paying for the current years benefit and the prior years.
also please can you let me know how I determine the benefit of a company van?
A company car should be reported to HMRC on form P46(Car).
A company van - assuming it is being used for personal journeys - has a standard value of £3150 this year. This also assumes it isn't zero emissions and not being shared between employees.
