We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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 ?
0
Comments
-
If you had a tax calculation done, it would show total pay plus BIK all added together as income then taxed.0
-
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards