Pool Cars: What You Need to Know for Benefit in Kind Purposes (Mar 23)
Category: Tax | Duration: 1hr | Tag: VODUK2315 | Type: Video | Speaker: Jack Bonehill | Date: 07/03/2023 10:00
Course Details
In this session , you will learn how to establish whether a car is a pool car for benefit in kind (“BiK”) purposes, know what appropriate systems should be in place to evidence this, and know the consequences if a pool car turns out to not meet the criteria for BiK purpose.
This is an area that many businesses and accountants misunderstand. This results in cars not being reported to HMRC as a BiK when they should be, underpayments of income tax and National Insurance, and difficulties during HMRC enquiries.
Jack Bonehill covers the following topics during this session:
• When a car is a BiK
• The pool car criteria for BiK purposes
• Systems & record keeping that should be in place for pool vehicles
• Consequences of a pool vehicle not meeting the criteria
• Reporting and disclosing to HMRC, where pool-car criteria not met
CPD Course Speaker
Employment Taxes Specialist
Jack Bonehill
Jack is an Employment Taxes specialist for Dains Accountants and hosts The Tax Professionals Podcast, which helps tax professionals improve, progress and develop. You can listen to the podcast on all popular podcast apps or via the website (https://www.thetaxprofessionalspodcast.com).
Jack supports clients with all areas of workforce pay, benefits, expenses, IR35/Off-Payroll Working, National Minimum Wage, and the Construction Industry Scheme. His advice covers support with HMRC enquiries, compliance, planning, and establishing practical tax processes. Most of Jack’s clients are recruitment agencies, where he help them to mitigate risks associated with using umbrella and similar companies.
Jack supports clients with all areas of workforce pay, benefits, expenses, IR35/Off-Payroll Working, National Minimum Wage, and the Construction Industry Scheme. His advice covers support with HMRC enquiries, compliance, planning, and establishing practical tax processes. Most of Jack’s clients are recruitment agencies, where he help them to mitigate risks associated with using umbrella and similar companies.