Car valuation for BIK?

Casati

I understand that revenue take the original new car rrp as the valuation for BIK purposes, regardless of the age of the car. Ques is how do I find out the original rrp for a U.K. import 2008 525d (with a lot of extra's on it), do I just take the base price off the SIMI website in 2008 for a basic car?

Such an unfair system where the employee has to pay tax not on the value of the car but on the new car price, regardless of the cars age :mad:

Shouldn't be hard to find the rrp of that car with all the estras, acid price won't cut the mustard.

Gophur

Casati wrote: »

I understand that revenue take the original new car rrp as the valuation for BIK purposes, regardless of the age of the car. Ques is how do I find out the original rrp for a U.K. import 2008 525d (with a lot of extra's on it), do I just take the base price off the SIMI website in 2008 for a basic car?

Such an unfair system where the employee has to pay tax not on the value of the car but on the new car price, regardless of the cars age :mad:

Here you go!

http://external.bmw.ie/templates/BMW06/includes/0807_BMW_MINI_Price_List.pdf

Since when does tax have to be fair? (Rhetorical question)


For BIK purposes you can use 92% of the new price (Revenue assume a discount for tax purposes)

Gophur

Alternatively, go to https://www.ros.ie/evrt-enquiry/vrtenquiry.html?execution=e1s2 where you will find the OMSP of the car when new (not including some extras)

Casati

Thanks for pointing me in the right direction- still not sure how to go about valuation of extra's, is this something that revenue are interested in for BIK purposes?

Looking at the mad prices we were charged in early 2008 for BMW's I'm thinking that using this (Feb 2008) 525D as a company car will result in way too much BIK, with extra's I would guess it was over €70k new! Will have to look at cars with lower rrp and less than 155 co2 to make it someway affordable

-Chris-

Shouldn't be that hard to find someone with a BMW 2008 price list.

RRP + extras - notional discount = OMSP for BIK.

Gophur

Casati wrote: »

......... still not sure how to go about valuation of extra's, is this something that revenue are interested in for BIK purposes?

..............

No.

So, are your employers buying a three year old car for you?

Casati

Its not for me, but yes its a small family owned company and they are looking at buying second hand, better to invest limited funds in other assets rather than on new cars which will lose 15k per annum for first 3 years...

Gophur

If you're buying 2008 cars, the BMW 520d was approx €41k, the Merc E220cDi, €43k and the Audi A6 2.0TDi, something similar.

Any of them, now, should be selling for 50% of their new cost.

Gophur

If you're buying 2008 cars, in July 2008 the the BMW 520d was approx €41k, the Merc E220cDi, €43k and the Audi A6 2.0TDi, something similar. (They were all significantly more expensive under the old tax rates.)

Any of them, now, should be selling for 50% of their new cost.