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BIK Reduction

  • 25-10-2024 04:09PM
    #1
    Clo-Clo
    Registered Users, Registered Users 2 Posts: 7,088 ✭✭✭


    I had a company car and moved off it, due to change in work I was lookign to move back onto it and just take the hit on BIK

    Then I noticed the following option. Just wondering is anyone currently using this option? I spend a lot of time out of the office but don't do high mileage as 90%+ is short trips etc. Lots of short trips but would do 8-9k kms per year

    Anyone know how this works? do you submit at end of year or apply when you get car and just update?

    https://www.revenue.ie/en/employing-people/benefit-in-kind-for-employers/private-use-company-cars/employees-low-business-kilometres.aspx



Comments

  • #2
    Buddy Bubs
    Registered Users, Registered Users 2, Paid Member Posts: 6,729 ✭✭✭Buddy Bubs


    No but I am driving an EV company car that is completely BIK free as it's value is under 45k, if that's an option for you since you seem to be low mileage. It's going to be BIK free until end of 2025. Will be at least some reduction and allowance after 2025.

    A few others in work have absolutely tiny BIK on their EVs because they can reduce valuation by 45k before calculating the taxable benefit.



  • #3
    Clo-Clo
    Registered Users, Registered Users 2 Posts: 7,088 ✭✭✭Clo-Clo


    https://www.boards.ie/discussion/comment/122763110#Comment_122763110

    Yes I had electric on the company car and will be going back electric. I need a 7 seater so doubt I will be able to get anything under 50k



  • #4
    Buddy Bubs
    Registered Users, Registered Users 2, Paid Member Posts: 6,729 ✭✭✭Buddy Bubs


    https://www.boards.ie/discussion/comment/122763138#Comment_122763138

    Ok well at least the EV reduction takes the string out of it. Not many 7 seaters, saw a discussion about Peugeot e5008 over on the EV forum recently it looks decent. Something like a Kia ev9 is still going to be very expensive on BIK even with the exemption.

    The low km reduction you posted sounds very straightforward, if you satisfy the 3 or 4 requirements you get it if you don't then you don't



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