tax credits and company cars

pauly2000

hi

Can anybody tell me is it the value of a company car (that appears on pd11) that gets added to my earnings for tax credits purposes


thank you pauly

Rich44_2

I don't think it does but...

sarflee

Unfortunately, it definitely does need to be included.

sinstar

It's the 'cash equivalent' figure from your P11D.

Keeping_Positive

sinstar wrote: »

It's the 'cash equivalent' figure from your P11D.

Yep that bits right

pauly2000

When u say cash equivalent' figure does that mean the cost for leasing the car for the year or the value of the car thanks

sinstar

Does the P11D not have a 'cash equivalent' column on it? You just take the figure from there. I imagine you'd need to speak to your employer to discuss how they calculate the figure.

bigspender1971

it definitely does count. The cash equivalent figure is treated as earnings. Unfortunately....

Rich44_2

Oh well there you go, sure in the early years it was different as a colleague of mine used to laugh about it but that was in the very early years so guessed they figured that one out already.

What annoys me tho is you've also already paid a fat wadge of tax on that as well talk abotu a double whammy