Benefit in kind?

UK PROFESSIONAL DRIVERS FORUMS OWNER AND FLEET OPERATORS FORUM (INTERACTIVE)
1

Can somebody please explain in “laymans” terms what benefit in kind is :question: I see some Isuzu dealers overhere advertising the new Rodeo Denver pick-ups for around £20/month if your purchase it via benefit in kind,I understand its something to do with the taxman and being on the higher rate of income tax and maybe taking your drawings via “BIK” but thats about it :exclamation: :confused:

2

I always thought a benefit in kind was to get somthing without handing over cash

ie

say you buy the pickup but it has no fuel

They fill it up but dont charge you

you have the benefit of full tank but not paid for it
but the taxman recognises you’ve still had it
I’m sure when you get freebies from customers/reps etc at xmas they come under this as well

I could be wrong It’s all chinese to me this accounting stuff

3

I thought it had ■■■■■■ connotations, like when your missus doesn;t have enough money to pay the milk bill :stuck_out_tongue:

4

Wheel Nut:
I thought it had ■■■■■■ connotations, like when your missus doesn;t have enough money to pay the milk bill :stuck_out_tongue:

lol.

Something simular happened where i used to live but he was the local coal man lol…tryed it on with all the women

Matt