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BIK on vehicle

  • 05-02-2021 11:46am
    #1
    Keanocork88
    Registered Users, Registered Users 2 Posts: 5 ✭


    Hi everyone,

    I was paying BIK in the last year on the 18 percent bracket. I notified payroll that I actually done more mileage than I thought I would in 2020 and shud of been in the 12 percent bracket. How do I go about getting this refund.. I notified payroll in December 2020 about this aswell so wasn’t January of this year.
    Many thanks for any info received


Comments

  • #2
    Will Yam
    Registered Users, Registered Users 2 Posts: 671 ✭✭✭Will Yam


    Keanocork88 wrote: »
    Hi everyone,

    I was paying BIK in the last year on the 18 percent bracket. I notified payroll that I actually done more mileage than I thought I would in 2020 and shud of been in the 12 percent bracket. How do I go about getting this refund.. I notified payroll in December 2020 about this aswell so wasn’t January of this year.
    Many thanks for any info received

    You probably need to file a tax return and in it show the value of the bik (12%). If you have been (over) taxed at 18% the resultant over tax will be thrown up by this and will generate a rebate for the difference.


  • #3
    Damien360
    Registered Users, Registered Users 2 Posts: 6,782 ✭✭✭Damien360


    This happened me a few years ago. You are supposed to record your mileage accurately and submit it to your company.

    You need a signed company letter headed notice stating your mileage for the tax year in question. The company accountants will have your mileage for BIK calculations assuming you submitted it. Then contact revenue directly online with that same letter via my accounts, enquiries and submit the letter with a explanation and they will make the necessary adjustments.

    If you are on 18% bracket, I would suggest getting rid of the company car and get a mileage rate equal to civil service rates. You pay no BIK on this and no extra tax due as long as you are at or below that threshold. Ask your company what’s available. There may be some agreement for the owner/management.


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