Tax on Company Car / P60 / Coding Notice

Financial_Savvy

Hi, I have received my P60 and during the year the Inland Revenue changed my tax code many times and they got it wrong more than they got it right. :mad: (even though I had the same car)

I haven't received my P11D yet (but I know the benefit figure) but I want to work out if I have paid the correct tax.

How do I work it out? Was is the calculation?

Thanks

jakesuk

Have you contributed to a pension scheme? There could be changes to the NI and Income tax due depending on various factors.

For a quick check try moneysavingexpert.com/tax-calculator/

Any

I can help with the company car benefit.
What you need is - the CO2 emmissions figure and list price of the car. Also whether it is diesel or petrol.
Post up the CO2 (type of fuel) and I will tell you what % to apply to the list price to get taxable benefit.
Or you can PM me with the details and I will put it through my company car calculator for you.

Any

Oh I see you have the benefit figure already...
Then take your annual gross income and add this figure up to it. Deduct personal allowance and the rest is taxed accordingly.
The benefit behaves for tax reasons just like you would have actualy earned that money.

Financial_Savvy

Sorry for the delay, spoke with HMRC and sure enough I have paid to much tax.

can I ask ref P11d, I had to company cars in the 2008/2009 year, so I take the benefit from each p11D and add them together to get the total benefit?

Thanks

Any

Financial_Savvy wrote: »

Sorry for the delay, spoke with HMRC and sure enough I have paid to much tax.

can I ask ref P11d, I had to company cars in the 2008/2009 year, so I take the benefit from each p11D and add them together to get the total benefit?

Thanks

Each P11D form accomodates 2 cars - and then there should be a third column on the right hand side that already adds the benefit together... But if your company has their own form or something then you might need to add the 2 benefits together yourself... Are you sure it doesn't say somewhere "total benefit"? Just make sure that each of the two figures is only for the one car.. that there is no way you can add the first car and total figure together if you know what I mean.

As a double check you can PM me the CO2 and list price and dates for each of the cars and the benefit and I can check it for you.