Budget 2025: Tax wheels on office cars
Tax implications for using a company-provided car depend on whether it is used for official or personal purposes. Personal use of the car results in taxable income. Employers must document official use. Employees can claim reimbursement for personal car usage with appropriate documentation. Deductions are available for electric vehicle loans under specific conditions.
Tax implications for using a company-provided car depend on whether it is used for official or personal purposes. Personal use of the car results in taxable income. Employers must document official use. Employees can claim reimbursement for personal car usage with appropriate documentation. Deductions are available for electric vehicle loans under specific conditions.
