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Fuel Tax - P11D
no_more_cards_for_me
Posts: 550 Forumite
in Cutting tax
How is the tax calculated, I have a BIK for fuel of £3852 - assuming a 40% tax payer is it just 40% of this total ?
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Comments
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If you had a tax calculation done, it would show total pay plus BIK all added together as income then taxed.0
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no_more_cards_for_me wrote: »How is the tax calculated, I have a BIK for fuel of £3852 - assuming a 40% tax payer is it just 40% of this total ?
Is this fuel provided for a company car or fuel provided for you private car?Today is the first day of the rest of your life0 -
when you say you have BIK of £3852 I presume you have private use of your company car.
The taxable amount is based simply on £16,900 multiplied by the same percentage derived from the CO2 figure and fuel type.
theoretically in your case it is about 23% (£3852/£16900x100)
As you are high tax payer you would pay £3852x40%=£1541. (it is like using about £30 (1541/52) fuel a week.).0
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