Company Car info

stevecarrcross

Hi Guys

This has been wrote millions of times but i need a straight answer and i cant seem to find a situation that matchs my own


I currrently have a company car (ford focus 1.6TDCI) with fuel card that allows private mileage.


This currently suits me as i dont have to worry of having money in the bak for fuel etc

Now the bit where i get call daft and stupid

I drive 24k a year all business mileage maybe 500 personal

company will pay all miles for non card users above the forst 12 to and from home

also the other perks tyres etc

or 4000 pounds allowance


Help please

TM1976

Are you giving up the fuel card or the car or both?

stevecarrcross

It would be both

so it will be me in my own car claiming mileage

TM1976

It's definately to your advantage to give up the fuel card as you are paying more in tax than it's worth to you if you only do 500 personal miles.

The car is trickier, it's possible for you to be better off if you can run a car fairly cheaply. However you do a lot of business miles do you are going to get through cars quickly and have a lot of maintenance costs. You probably also need something reliable, is this case it might be better to keep the car, however it depends as I say on how much you can run a car for.

Bean_Counter

stevecarrcross wrote: »

I drive 24k a year all business mileage maybe 500 personal

What we do for people who have lots of business miles and low private miles is that they have a company car and fuel card, but they reimburse the company for private mileage at HMRC standard rate. If you are higher rate taxpayer this could save you over £100 per month in tax (depending on the car CO2 of course.)