HMRC is investigating the tax status of company vans following concerns the tax and National Insurance Contributions are being underpaid.
Accountancy Age reported that the taxman has been issuing questionnaires to companies about how they monitor the private use of company vans. The questionnaires ask for the employer’s definition of insignificant private use, details of whether vans are fitted with mileage tracker devices and details of van policies for the past three years.
Employees who use company vans for private use pay tax on a £3,000 flat-rate value for the van and £500 for free or subsidised fuel for private use.
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