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Attracting and retaining key talent, managing employment costs and ensuring compliance with complex tax rules presents one of the most serious challenges today for many businesses. You need to ensure that your business complies with increasingly complex tax legislation and can adapt to updated Revenue guidance in a cost-effective way and we are here to help.
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The BIK system moved to a CO2 based system since 1 January 2023 to encourage the use of electric vehicles and lower emission cars. However, many employees with company vehicles experienced large increases in their income tax liabilities since this new system came into effect at the start of the year. In recognition of this, and the pressures on families and businesses due to the cost of living and energy crises, the Government will introduce this new temporary measure during the Finance Bill 2023 process.
See our insight for more information on the CO2 based system.
Company Cars - 2023
The Original Market Value (OMV) of cars in Category A-D, will be reduced by €10,000 which will consequently reduce the BIK charge. This reduction is not applicable to cars in Category E.
The upper limit in the highest mileage band will also temporarily reduce by 4,000km (See Table 1 below).
Table 1 – The amount of business mileage and CO2 emission category (new temporary changes)
|Lower Limit||Upper Limit||A||B||C||D||E|
*temporary reduction from 52,000kms
Table 2 - The CO2 emissions category of the car
|Vehicle Category||CO2 Emissions (CO2 g/km)|
|A||0g/km up to and including 59g/km|
|B||More than 59g/km up to and including 99g/km|
|C||More than 99g/km up to and including 139g/km|
|D||More than 139 g/km up to and including 179g/km|
|E||More than 179g/km|
An employee has the use of a car provided by his or her employer on 1 January 2023. The car produces 75g/km in CO₂ emissions, putting the vehicle in Category B. The actual business kilometres in the year are expected to be 47,000 kilometres. The OMV of the car is €32,000. With the new temporary measure applied, the OMV will reduce to €22,000.
BIK Calculation: Cash Equivalent (OMV) €22,000 x 15.75% = €3,465
Using the same example above, without the temporary measure, where an employee travels 47,000 business kilometres in the year and the OMV of the car is €32,000 - the BIK calculation would be as follows:
€32,000 X 15.75% = €5,040
This shows a reduction in notional pay of €1,575 when the temporary measure is applied.
Company Vans - 2023
The temporary changes will also apply to company vans. The cash equivalent for vans will be calculated as 8% of the OMV, with a €10,000 reduction in the OMV.
Electric Vehicles - 2023
Electric vehicle users will welcome an increase of €10,000 to the existing deduction available of €35,000. This means that the cash equivalent will be calculated based on the actual OMV of the vehicle reduced by €45,000.
An employer may need to capture these changes to the BIK on company vehicles in the next payroll submission. As these changes are effective from 1 January 2023, this may mean making a once-off adjustment to BIK for company provided vehicles in the next payroll submission to capture any excess BIK applied from 1 January 2023. Where a tax refund arises for the excess BIK applied and where the employee is on the cumulative basis of assessment, any tax refund due should filter through the payroll function.
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