Company car tax
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URL: http://www.bavarian-board.co.uk/forum_posts.asp?TID=7508
Printed Date: 25-April-2024 at 05:00
Topic: Company car tax
Posted By: Peter Fenwick
Subject: Company car tax
Date Posted: 06-May-2004 at 11:20
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Anyone out there tell me how they calculate the amount you get taxed on a company car. I may be changing jobs to one where I get a company car in the next 6months/year and I am trying to work out if I could afford to keep on my BMW as a second car. ------------- Entering an age of Austerity and now driving a Focus Diesel. |
Replies:
Posted By: kbannon
Date Posted: 06-May-2004 at 11:31
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http://www.inlandrevenue.gov.uk/cars/company_cars.htm - http://www.inlandrevenue.gov.uk/cars/company_cars.htm Can't speak for the UK but I know in Ireland you are better off using your own car and claiming mileage allowance. ------------- Current: 2009 E60 520d "Sport" tractor Previous: 1989 E30 320i SE 1997 E39 523i 2003 E39 525i Sport Individual |
Posted By: spokey
Date Posted: 06-May-2004 at 12:02
That is the consensus of opinion in all the companies I've worked in, in the UK. ------------- Ciao, Spokey 
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kbannon wrote:Posted By: Peter Fenwick
Date Posted: 06-May-2004 at 12:17
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Using my own car would be my own preffered option but the job entails doing an annual milage of 30K+ a year. With this kind of milage I suspect the running costs of my car are going to start becomming a bit prohibitive. I was thinking about going for the cheapest company car, something like a Focus Turbo diesel and keeping the BMW for the weekends. ------------- Entering an age of Austerity and now driving a Focus Diesel. |
Posted By: spokey
Date Posted: 06-May-2004 at 12:39
The company I currently work for has a large number of pre-sales, sales and consulting staff, all of whom do high mileage (I was appalled when I saw I did 25000 last year and I was actively trying not to travel unnecessarily!) and they all opt for allowance unless they are hugely lazy. But it's just a generalisation, the specifics of your situation may make for a different picture. ------------- Ciao, Spokey
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Posted By: Peter Fenwick
Date Posted: 06-May-2004 at 15:18
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Have just found out that opting out is not an option. The only people who are given the choice of opting out are disterict managers and above who don't do many miles. If Iget offered a job with this company I will have to weigh up the pros and the cons of company cars etc. I am not willing to give up my car unless I get offered a decent (fast!) company car. ------------- Entering an age of Austerity and now driving a Focus Diesel. |
Posted By: therealmccoy
Date Posted: 06-May-2004 at 20:07
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If you use your company car for business use only, the tax is reduced significantly! Do you know if u will be getting free private use and petrol??
Try this link for rough costs, http://www.lvl.co.uk - Lex Leasing Go to the Car Tax Calculator, this should work out ur annual and monthly cost. HTH, James ------------- Work Harder! A Million Benefit Claimants Depend On YOU! E30 M3, The REAL McCoy! 89 M3 Now Sold 99 323i *FOR SALE* http://www.furzetech.co.uk" rel="nofollow - PC Probs?? Click here! |
Posted By: Nigel
Date Posted: 06-May-2004 at 23:18
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My "salary" ( take home pay) went up by £200 per month by using my own car. Shame you dont have the choice, as using your own car is the "euro" norm, which is why the present gov. are trying to price people out of company cars. The tax free allowance in the uk is 40p per mile for the first 10,000 miles, the 25p per mile for all the milage you do over that. I do between 40 & 50,000 claimable miles a year. ------------- Best Wishes Nigel |
Posted By: Peter Fenwick
Date Posted: 07-May-2004 at 09:34
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Thanks for all the replies. At the moment it's all a bit academic as I if I do change jobs it won't be for a while yet. The company In question works very closely with my current employer so if they steal me it has to be done right so as not to upset anyone. Unfortunately this means that I have to be patient. ------------- Entering an age of Austerity and now driving a Focus Diesel. |
Posted By: Domo
Date Posted: 08-May-2004 at 08:18
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There is a loophole in the Company car tax. If you buy a %age of the car (can be as low as 1%) then it does not qualify for the usual CO2 based tax regime. Instead, it attracts 20% taxation. This obviously only benefits those who drive petrol cars due to diesel being below 20% anyway. http://www.xlmotorsport.com - http://www.xlmotorsport.com
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