It’s a new financial year, therefore the new 2017/2018 tax rates are now live. Let’s take a look at what this means for light commercial vehicle drivers.
VED Road Tax
Vehicle Excise Duty (VED), or road tax as it’s more commonly known, is charged at a flat rate for vans and pickups made after 2001, and the fee depends on the age of the vehicle. For 2017/2018, this will cost £240 for 12 months or £132 for 6 months.
Please note: If you pay the DVLA using Direct Debit, the 6-month fee lowers to £126, whereas spreading the cost across 12 months will see the charge rise to £252 for the year.
If your van was built before 1st March 2001, your road tax will be charged depending on your engine size. This will range from £150 to £245 a year.
BIK Tax for Electric Vans
If you drive an electric van, the electric van BIK value for 2017/2018 is 20% of the regular rate - £646 rather than £3,230. Though this is likely to rise significantly next year.
Keep Cost Down by Comparing Insurance
If this means an increased charge on your vehicle, you may be able to save money elsewhere. Build and compare van insurance deals online with us to see how much you can save.
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