Company car tax

gURU

BoGoF wrote: »

No you must physically reimburse your employer for the private fuel.

!!!!!!, I have just filled the tank up myself with the private fuel I have used for the month

How does physically reimbursing the company normally work? Do I have to write a cheque each month and how is it recorded for tax purposes?

Bean_Counter

gURU wrote: »

!!!!!!, I have just filled the tank up myself with the private fuel I have used for the month

How does physically reimbursing the company normally work? Do I have to write a cheque each month and how is it recorded for tax purposes?

The way we do it for company cars is that people complete a monthly mileage sheet splitting out private and business miles on a daily, and then we deduct an amount based on the private miles times the HMRC fuel rate from their salary every month.

However we are usually doing this for people who wish to avoid the fuel benefit in kind, so it in their interests to do so.

joogy

If you have a car with a company logo emblazoned on it (a la Red Bull car) and you take it home, does it have a bearing on whether you still have to declare it as a benefit in kind?

Thanking you all!!!

alleycat`

I'm not aware of any tax breaks on a company car because it has logos on it or not.

What is the benefit to the tax office for you advertising for your employer?

If you had a works van (with logo) and took it home (for example) and then used it for personal usage you'd still have to stump up £3K for it in tax terms.

I guess you could try get your employer to spring some extra cash for acting as a mobile "advert". :rotfl:

cookie_button

I have a company car which I have had for the last 18 months. My boss is now saying that I have to get a 4X4 company car.. I am heavilly taxed as it is and a 4X4 would just be crippling. I am currently doing 30k a year, 95% of that is for business use. Any info would be gratefully appreciated..

zygurat789

cookie_button wrote: »

I have a company car which I have had for the last 18 months. My boss is now saying that I have to get a 4X4 company car.. I am heavilly taxed as it is and a 4X4 would just be crippling. I am currently doing 30k a year, 95% of that is for business use. Any info would be gratefully appreciated..

Try
http://www.whatcar.com/green-cars/buyers-guide/greenest-4x4s/3194628

umdiecker

I worked in 2008/2009 for my employer on a contract for the first time since being a locum/contractor with them earlier. A car was made available to me as it was needed for my job, but it was made clear that I couldn't use it for personal trips (other than the odd local one); if I went on holiday, I always had to leave my car for my stand-in temp to use (I couldn't drive it to the airport, for example).

I was paid fuel money only, based on the cost of fuel - not a "per mile" rate. The employer held the tax, insurance and MoT responsibilites. I understood that this was "not my car".

However, my employer has subsequently declared the £8k of fuel paid for the year in my name. The tax man has claimed for his cut and as such I now have a several 1000 bill. I feel essentially like my employer has stiffed me!! What can I do? Would I have any case to pursue the employer for my 40p per mile now? Or clarify to the tax man that this wasn't my car?

dori2o

umdiecker wrote: »

I worked in 2008/2009 for my employer on a contract for the first time since being a locum/contractor with them earlier. A car was made available to me as it was needed for my job, but it was made clear that I couldn't use it for personal trips (other than the odd local one); if I went on holiday, I always had to leave my car for my stand-in temp to use (I couldn't drive it to the airport, for example).

I was paid fuel money only, based on the cost of fuel - not a "per mile" rate. The employer held the tax, insurance and MoT responsibilites. I understood that this was "not my car".

However, my employer has subsequently declared the £8k of fuel paid for the year in my name. The tax man has claimed for his cut and as such I now have a several 1000 bill. I feel essentially like my employer has stiffed me!! What can I do? Would I have any case to pursue the employer for my 40p per mile now? Or clarify to the tax man that this wasn't my car?

Firstly, the car you were given did you take it home? If so, it is a company car as home to work and work to home is private use no matter how much other use your employer said you could have.

The fuel. You say the employer paid the cost of the fuel, how was this done, did you pay for the fuel from your own funds and then have the employer reimburse you, or, did you have a fuel/company credit card.

pacoseed

how do you work out how much you pay on weekly tax for a company car ????????

Murphy_The_Cat wrote: »

Oh and another thing. !Assuming that you do get the car, send a letter to IR letting them know all of the car details the very day that you receive it. !Your company will have to tell IR anyway - but it may take them 3 months to do so (which means you are in arrears before you start.

MTC

p.s. if you buy a decent car mag such as Whatcar it will tell you what your tax charge is going to be on a car by car basis. !It does make for interesting reading, in a lot of cases a more expensive car attracts a much lower tax charge due to its lows CO2 emissions. !

Also the leading robber baron or our elected band of lying charlatans (Georgeous Gordon - no rise in income tax ha ha ha) has announced that ALL diesel cars will carry a 3% surcharge from Apr
2006 -regardless of whether they comply with Euro iv or not, but that a car registered before Jan 2006 will enjoy the waiver for the life of the company car

Dusty-Bin_2

Hi,

Is there any benefit from using a company car on company business?

If I use my own car, my company pays me 15p/mile and I claim the extra 25p/mile as a tax allowance - they also pay me a monthly car allowance that is subject to tax and NI.

If I use a company car, purchasing fuel myself, again the company will reimburse the 15p/mile for fuel, but can I still claim the residual 25p/mile against tax to offset the company car tax I would be paying or is there some other way to reduce the tax liability by actually using a company car for business purposes?