1. How do I set up a company vehicle benefit for private use?
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"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:
- First, select the pay batch of the people using the company vehicle, on: MenuPay batches
- To make a new repeat payable, tap: PayRepeat payables
- Then tap: New repeat payable
- And select: Company vehicle ... private use
- If the vehicle is a van, then tap Vehicle type, and select: Van
- Next, enter the vehicle's Make and model
- Next, type in your vehicle's Number plate
- Then enter the vehicle's: Purchase + accessories price
- And: Date first registered
- Next, select the: Fuel type
- If the vehicle's hybrid or electric, enter the: Electric max. range
- If you know your vehicle's CO2 emissions, enter it.
- Otherwise, to look it up, tap the blue "Lookup CO2 emissions" link.
- On the GOV.UK site, type in your vehicle's number plate, then tap Continue, then Yes, then Continue again.
- Scroll down, and copy the "CO2 emissions" number.
- Then back in 1st Money, type it in.
- Next, to add the people who'll be using the vehicle, scroll down and tap: Add people
- And select the people to add. Multiple people can be added.
- Then tap Save, and the vehicle benefit is shared with the selected people, as a percentage each.
- To see a vehicle benefit on a person's payslip, tap the person.
- Then hover your mouse over the vehicle benefit, and tap the "See on payslip" button:
- And you'll see the vehicle benefit showing under: "Benefits-in-kind ... company arranged"
- 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 payslip.
- And it won't affect any of their previously filed payslips.
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!
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