Benefit in Kind - OMSP

Swampyjocks

Hi,
I am having great difficulty trying to determine the OMSP of a 2010 VW Touareg 3.0TDI commercial. I need this to calculate the BIK. Apparently these weren't sold from volkwagen and are an aftertouch.

I have ran a check in the Revenue calculator and it is returning a figure of €25,000. This seems low but would mean a BIK of €1,250

Can anyone confirm if the revenue cost can be used to calculate the BIK or is there another source to get a different OMSP?

Thanks in advance.

barneystinson

Swampyjocks wrote: »

Hi,
I am having great difficulty trying to determine the OMSP of a 2010 VW Touareg 3.0TDI commercial. I need this to calculate the BIK. Apparently these weren't sold from volkwagen and are an aftertouch.

I have ran a check in the Revenue calculator and it is returning a figure of €25,000. This seems low but would mean a BIK of €1,250

Can anyone confirm if the revenue cost can be used to calculate the BIK or is there another source to get a different OMSP?

Thanks in advance.

That's the current OMSP you're working out.

For BIK you have to use the original price of the vehicle. That'll be scaldy.

Swampyjocks

barneystinson wrote: »

That's the current OMSP you're working out.

For BIK you have to use the original price of the vehicle. That'll be scaldy.

I don't think that's right because the OMSP is the same if I enter the year as 2010 or 2013, which would indicate that the OMSP is the original market selling price and not current market?

The Dagda

Swampyjocks wrote: »

Hi,
I am having great difficulty trying to determine the OMSP of a 2010 VW Touareg 3.0TDI commercial. I need this to calculate the BIK. Apparently these weren't sold from volkwagen and are an aftertouch.

I have ran a check in the Revenue calculator and it is returning a figure of €25,000. This seems low but would mean a BIK of €1,250

Can anyone confirm if the revenue cost can be used to calculate the BIK or is there another source to get a different OMSP?

Thanks in advance.

The BIK on a COMMERCIAL vehicle is calculated off 5% of the OMV (Original Market Value). OMSP (Open Market Selling Price) is not relevant to BIK.

Swampyjocks

The Dagda wrote: »

The BIK on a COMMERCIAL vehicle is calculated off 5% of the OMV (Original Market Value). OMSP (Open Market Selling Price) is not relevant to BIK.

Any idea where I will find the OMV if the car wasn't actually sold by the main dealer, i.e. commercial was not a variant?

Surely the Open Market Selling Price is related to the Original Market Value??

barneystinson

Swampyjocks wrote: »

Any idea where I will find the OMV if the car wasn't actually sold by the main dealer, i.e. commercial was not a variant??

The VRT calculator doesn't seem to be calculating properly for that model (no way 25k is the correct OMV!) - I'd suggest you find out what the OMV is today for a new commercial model if it's available here now, and use that as your ballpark.

If it's a commercial then you'll be using a 5% rate, so Revenue are hardly going to split hairs over a couple of grand one way or the other in the OMV figure.