company car tax

[User]

 

[Archie_tect]

It's on the HMRC website

http://www.hmrc.gov.uk/calcs/cars.htm

 

[Glover Fan]

This one is better IMHO.

http://www.parkers.co.uk/company-cars/tax-calculator/

Obviously optional extras can change the final outcome. The main thing you have to concern yourself with is how quick the tax office processes your car tax. I wasn't paying any company car tax for about 6 months, then suddenly my tax code change and they backdated in one pay slip leaving me £500 short for the month.

 

[threebikesmcginty]

The amount you pay is based on CO2 emissions, cost of car and your tax band.

Say for eg a 150 CO2 = 20% and you're a 40% tax payer and the car was £30k.

£30,000 x .2 x .4 = £2400/year.

http://www.hmrc.gov.uk/cars/rule-changes.htm

 

[Glover Fan]

That calculator I linked to will tell you exactly how much you will pay with whatever car you choose.

 

[threebikesmcginty]

Looks right to me but I'm generally rubbish at tax stuff...

 

[smokeysmoo]

Our accounts office cocked mine right up last year so I'm now paying double bubble

 

[Glover Fan]

Do you find they blame the tax office, so you ring them and they blame your companies payroll?

Conclusion, they are both useless.

Must say though, whilst on 20% tax rate, a company car is an excellent perk.

 

[smokeysmoo]

Do you find they blame the tax office, so you ring them and they blame your companies payroll?

That's about the size of it, although TBH HMRC have been fair in sorting me out with a payment plan to re-pay my dues. Then again, if the wages office hadn't fecked it up in the first place.

I like that Parkers tax calculator. If it's correct my brand new 2.0 diesel 163 bhp automatic estate car costs me £71 a month, bargain

 

[Glover Fan]

My new Golf Bluemotion Match 1.6 TDi should cost me £44 a month. But I did choose a couple of optional extras, like carpet mats and blacked out rear windows cuz i is bling innit.

I get it on the 1st of December, but I did order it in August!!!

 

[threebikesmcginty]

Dread to think what my Maserati will cost...

 

[Norm]

Our accounts office cocked mine right up last year so I'm now paying double bubble

Your company are not responsible for your tax affairs.

 

[smokeysmoo]

Your company are not responsible for your tax affairs.

Very true, but they did know how naive I was when I went into a company car as I'd never had one before and I had been asking them all sorts of questions, so I would have expected them to at least tell me to call the tax office and let them know about it, they didn't so I presumed it was all sorted, lesson learnt

 

[biggs682]

my advice would be to record every detail , ie all your company miles , private miles and fuel you put in yourself .

i have had co cars quite a few times and each time i finished those jobs end up owing income tax due to incorect tax paid on car benefit

 

[ufkacbln]

Looks right to me but I'm generally rubbish at tax stuff...

So are the Inland Revenue (allegedly)