© 2020–2024 1st Money UK Holdings Ltd. All rights reserved.
 

Cookies help us run our services and make them more tasty. We've posted the full recipe on our Privacy Notice.

Whoa! Wait a minute ... how do I change my cookie settings?

Tap "Got it" if you're OK with cookies...

Got it
 

1. How do I set up a company vehicle benefit for private use?

Setting up a company vehicle3:00

"How do I set up a company vehicle benefit for private use?"

When a company vehicle is used for private purposes, add it to the person's pay as a company vehicle benefit.

To add a repeating company vehicle benefit to a person's pay:

  1. First, select the pay batch of the people using the company vehicle, on: MenuPay batches
  2. To make a new repeat payable, tap: PayRepeat payables
  3. Then tap: New repeat payable
  4. And select: Company vehicle ... private use
  5. If the vehicle is a van, then tap Vehicle type, and select: Van
  6. Next, enter the vehicle's Make and model
  7. Next, type in your vehicle's License plate
  8. Then enter the vehicle's: Purchase + accessories price
  9. And: Date first registered
  10. Next, select the: Fuel type
  11. If the vehicle's hybrid or electric, enter the: Electric max. range
  12. If you know your vehicle's CO2 emissions, enter it.
  13. Otherwise, to look it up, tap the blue "Lookup CO2 emissions" link.
  14. On the GOV.UK site, type in your vehicle's license plate, then tap Continue, then Yes, then Continue again.
  15. Scroll down, and copy the "CO2 emissions" number.
  16. Then back in 1st Money, type it in.
  17. Next, to add the people who'll be using the vehicle, scroll down and tap: Add people
  18. And select the people to add. Multiple people can be added.
  19. Then tap Save, and the vehicle benefit is shared with the selected people, as a percentage each.
  20. To see a vehicle benefit on a person's paystub, tap the person.
  21. Then hover your mouse over the vehicle benefit, and tap the "See on paystub" button:
  22. And you'll see the vehicle benefit showing under: "Benefits-in-kind ... company arranged"
  23. And finally, if you hover your mouse over the benefit amount, you'll see a breakdown of the calculation.

Keep in mind that:

  • A "Benefit-in-kind" increases the person's taxable pay, and doesn't increase the person's in-the-hand pay.
  • Also, a new vehicle benefit shows up on each person's next un-filed paystub.
  • And it won't affect any of their previously filed paystubs.

To learn more:

  • About when an employer pays for private fuel costs, watch the video on: Private fuel
  • To learn more about sharing a company vehicle between people, watch the video on: Sharing a vehicle

And that's it! That's everything you need to know about setting up a company vehicle benefit!

Updated: Sat, Oct 28, 2023.

Was this page helpful?


© 2020–2024 1st Money UK Holdings Ltd. All rights reserved.
www.1st.money/help/Expenses/F-G._Cars_and_vans,_and_car_and_van_fuel/1._How_do_I_set_up_a_company_vehicle_benefit_for_private_use