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BIK owed on a company car

  • 29-07-2013 09:00AM
    #1
    John_Mc
    Registered Users, Registered Users 2 Posts: 2,793 ✭✭✭


    Hi,

    I'm a self-employed contractor operating as a private limited company. I'm considering buying a company car and would like to know how to calculate the BIK which would be owed.

    Specifically, I'd like to know how to obtain the value of a second hand car so that the BIK can be calculated. Is it what was paid for the car, or what the VRT caculator says the open market value is (which of course is way over priced), or is it some other method?

    Thanks very much in advance,
    John


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    It is the original market value of the car when first registered. Thus that is the reason why all company cars are new. There is no point getting a second hand one.

    Regards

    dbran


  • #3
    John_Mc
    Registered Users, Registered Users 2 Posts: 2,793 ✭✭✭John_Mc


    dbran wrote: »
    Hi

    It is the original market value of the car when first registered. Thus that is the reason why all company cars are new. There is no point getting a second hand one.

    Regards

    dbran

    That's what I was told but I didnt believe it! Thanks for your prompt reply.


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