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Calculate make good amount / BIK

WallyWonka · 2016-01-26 11:55:15

Hi, I'm self employed (limited company). I am liable for BIK on the van I drive. I have read that I can 'make good' a certain amount of the BIK, as in pay back to the company for the running instead of paying BIK. That's great but I'm trying to figure out how to calculate my actual liability on the payslip. The amount I…

26-01-2016 11:55am

#1

WallyWonka

Registered Users, Registered Users 2 Posts: 19 ✭

Join Date: December 2015

Posts: 14

Hi,

I'm self employed (limited company). I am liable for BIK on the van I drive. I have read that I can 'make good' a certain amount of the BIK, as in pay back to the company for the running instead of paying BIK.

That's great but I'm trying to figure out how to calculate my actual liability on the payslip.
The amount I make good is made good after tax. And my tax liability is reduced accordingly. This is an infinite loop in my simple head.

thanks!

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