McPhersons is now part of Galloways Accounting. We’re looking forward to sharing the next stage of our journey with the Galloways group, and share their vision for helping you, our clients, to have more time to enjoy the things you love.
McPhersons is now part of Galloways Accounting. We’re looking forward to sharing the next stage of our journey with the Galloways group, and share their vision for helping you, our clients, to have more time to enjoy the things you love.
February 15, 2024
*Breaking news! Due to pressure from the Motor Industry, The government has made a U–turn on the proposed tax treatment to treat double cab pick-ups with a payload of 1 tonne or more, as cars from 1 July 2024 rather than as vans. So, it is now the same tax treatment as before. With only double cab pick-ups with a payload of under 1 tonne are still classed as cars for income tax and VAT purposes.
Previous article: From 1st July 2024, most double cab pickups will be classified as cars by HMRC when calculating Benefits in Kind. They are currently considered a commercial vehicle for tax purposes and are therefore not considered to be as ‘beneficial’ as a car.This is because these vehicles are considered to be equally suited to conveying passengers and goods and therefore have no predominant suitability.
There will be a period of transition for employers who have purchased, leased or ordered a double cab pickup before 1st July 2024 where they will be able to rely on the previous treatment.
If you decide to purchase/lease a double cab pickup after 01 July 2024, please feel free to discuss with us before purchasing as this will trigger an unwelcome tax liability due to the significant increase in tax charges.
For more details, check the HMRC website.
