First Company Car

rob_kzk

Hi All,

I've just managed to get a new job and as part of my benefits package I will have a company car, which is something that I've not had before.

I was just wondering if people were able to give me some advice on the tax implications etc. of having a company car. I believe I will be able to use it for personal use as well as company use, however I am just waiting for all the paperwork to come through.

Any information or advice would be gratefully received.

Thanks

Rob

BillScarab

Everything you need to know should be here.

Basically the emissions of the car determine the taxable benefit. I have an Octavia diesel which is in the 18% band so the taxable benefit is 18% of the value of the car. So for me I pay 40% of 18% of the list price.

This is another useful site.

TiTheRev

As a rough guide our company car taxes etc cost you about 6k a year out of your salary (depending of your fuel is paid for or not).

basill

TiTheRev wrote: »

As a rough guide our company car taxes etc cost you about 6k a year out of your salary

£6000 ?

is that for a Rolls?

I have a company Vectra, I pay for my own private fuel and my (22%) tax is about £780.

B

gingerdad

more like 700-1000 pounds if on 20% tax. most rep cars are between 50-60 pounds per month

BillScarab

Mine costs £165 a month but that's the tax and the contribution I have to make towards it for private use. I'm also paying tax at 40%. Can't see how you'd be paying £6000 a year in tax unless it's an expensive car or has very poor emissions. I suppose a big 4x4 could cost that much.

basill

Maybe TiTheRev means tax is payable on £6000 benefit, quite likely on a £25-30000 car.

B