Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Shakeystevo17
    • By Shakeystevo17 5th Oct 17, 6:33 PM
    • 2Posts
    • 0Thanks
    Shakeystevo17
    New Company Car Rules
    • #1
    • 5th Oct 17, 6:33 PM
    New Company Car Rules 5th Oct 17 at 6:33 PM
    Evening all

    I've recently taken a new job role that has a car allowance. It is noted as £5500 per year. I am a higher rate tax payer.

    In my previous job I had a company car where BIK came into play. Hence easy to calculate how much take home pay I'd loose etc.

    I've not dealt with having a sum added to my salary each month. I'm trying to calculate how much I have per month to allocate to a car. I'm a bit baffled by the new rules that have came into play...

    Is it now correct my tax is now based on BIK for car allowances too? I need to privately buy/lease my car so how will HMRC know what I am driving etc?

    If anyone can advise or point me in the direct it would be great!

    Thanks
    Shakey.
Page 1
    • xylophone
    • By xylophone 5th Oct 17, 6:43 PM
    • 23,646 Posts
    • 13,777 Thanks
    xylophone
    • #2
    • 5th Oct 17, 6:43 PM
    • #2
    • 5th Oct 17, 6:43 PM
    https://www.whatcar.com/news/company-car-cash-alternative/

    may be worth a look.
    • Shakeystevo17
    • By Shakeystevo17 5th Oct 17, 6:50 PM
    • 2 Posts
    • 0 Thanks
    Shakeystevo17
    • #3
    • 5th Oct 17, 6:50 PM
    • #3
    • 5th Oct 17, 6:50 PM
    Hi and thanks for quick reply.

    The article is back from 2016... I heard the new tax rules from April this year changed everything...

    Appreciate the help.
    • Darksparkle
    • By Darksparkle 5th Oct 17, 7:15 PM
    • 4,699 Posts
    • 2,973 Thanks
    Darksparkle
    • #4
    • 5th Oct 17, 7:15 PM
    • #4
    • 5th Oct 17, 7:15 PM
    https://www.clm.co.uk/company-car-tax/
    • xylophone
    • By xylophone 5th Oct 17, 8:06 PM
    • 23,646 Posts
    • 13,777 Thanks
    xylophone
    • #5
    • 5th Oct 17, 8:06 PM
    • #5
    • 5th Oct 17, 8:06 PM
    http://www.fleetnews.co.uk/news/fleet-industry-news/2016/09/22/hmrc-takes-aim-at-thousands-more-company-car-drivers

    But as far as I can see, in the situation where you are taking cash, there is actually no change?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

5,146Posts Today

6,477Users online

Martin's Twitter