Vauxhall Insignia: A Comprehensive Guide to Company Car Tax
In this article, we'll explore the company car tax implications of the Vauxhall Insignia, a popular choice for company cars? Vauxhall Insignia: A Popular Choice for Company Cars. The Vauxhall Insignia is a popular choice for company cars, but it's essential to consider the company car tax implications before making a decision
Vauxhall Insignia Company Car Tax: Everything You Need to Know
As a business owner or employee, managing company car tax can be a daunting task. With the constant changes in tax laws and regulations, it's essential to stay up-to-date on the latest information. In this article, we'll explore the company car tax implications of the Vauxhall Insignia, a popular choice for company cars.
What is Company Car Tax?
Company car tax is a tax imposed on employers who provide company cars to their employees. The tax is calculated as a benefit-in-kind (BIK) and is based on the vehicle's emissions, engine size, and list price. The tax is then deducted from the employee's gross salary and is subject to income tax.
Vauxhall Insignia: A Popular Choice for Company Cars
The Vauxhall Insignia is a popular choice for company cars due to its reliability, comfort, and versatility. The Insignia is available in a range of trim levels, including the SE, SRi, Elite, and British Legends, each offering a unique set of features and benefits.
Company Car Tax Bands
The Vauxhall Insignia is classified as a 20-34% BiK car, which means it falls within the mid-range bracket. The company car tax rates for 2022-2023 are as follows:
| Band | CO2 Emissions (g/km) | Benefit-in-Kind (BIK) Rate | Annual Tax Liability |
|---|---|---|---|
| 20% | 0-30 | 10% | £1,790-£5,160 |
| 29% | 31-40 | 29% | £2,511-£7,234 |
| 30% | 41-50 | 30% | £2,701-£8,226 |
| 37% | 51-60 | 37% | £3,351-£10,654 |
| 34% | 61-75 | 34% | £3,204-£10,156 |
| 38% | 76-85 | 38% | £3,604-£11,566 |
Vauxhall Insignia Company Car Tax Rates
The following table shows the company car tax rates for the Vauxhall Insignia:
| Trim Level | CO2 Emissions (g/km) | Benefit-in-Kind (BIK) Rate | Annual Tax Liability |
|---|---|---|---|
| SE | 124-137 | 29% | £2,511-£7,234 |
| SRi | 124-137 | 29% | £2,511-£7,234 |
| Elite | 136-152 | 34% | £3,204-£10,156 |
| British Legends | 136-152 | 34% | £3,204-£10,156 |
Alternatives to the Vauxhall Insignia
If you're considering the Vauxhall Insignia for your company car but are unsure about the company car tax implications, you may want to consider the following alternatives:
- Ford Mondeo: With a BiK rate of 20%, the Ford Mondeo is a more tax-efficient option.
- Volkswagen Passat: With a BiK rate of 24%, the Volkswagen Passat is another more tax-efficient option.
- Peugeot 508: With a BiK rate of 27%, the Peugeot 508 is a great alternative to the Vauxhall Insignia.
Conclusion
The Vauxhall Insignia is a popular choice for company cars, but it's essential to consider the company car tax implications before making a decision. The BiK rate for the Insignia is 29-34%, which is higher than some of its competitors. However, the Insignia is a reliable and comfortable car that offers a range of features and benefits. If you're considering the Vauxhall Insignia for your company car, be sure to factor in the company car tax rates and consider alternative options.
References
- HM Revenue & Customs. (2022). Company Car Tax. Retrieved from https://www.gov.uk/company-car-tax
- Vauxhall. (2022). Insignia. Retrieved from https://www.vauxhall.co.uk/new-cars/insignia
- Company Car Review. (2022). Vauxhall Insignia Company Car Tax. Retrieved from https://www.companycarreview.co.uk/vauxhall-insignia-company-car-tax/
H2 Headings
- What is Company Car Tax?
- Vauxhall Insignia: A Popular Choice for Company Cars
- Company Car Tax Bands
- Vauxhall Insignia Company Car Tax Rates
- Alternatives to the Vauxhall Insignia
- Conclusion
H3 Headings
- Benefits-in-Kind (BIK) Rates for 2022-2023
- Vauxhall Insignia BiK Rates
- Ford Mondeo: A More Tax-Efficient Option
- Volkswagen Passat: Another More Tax-Efficient Option
- Peugeot 508: A Great Alternative to the Vauxhall Insignia
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