Help with PAYE calcs please

anotherbigspender

I'm trying to work out what my net increase in salary will be by opting out of the company car scheme and taking an allowance (as an increase to my salary and subject to PAYE) instead.

I have all the numbers, I just need some assistance with the calcs please.

Thanks:)

MrRedundant

http://listentotaxman.com/

Plug in the figures and it gives you the figures. Used it before and seems pretty spot on.

http://www.uktaxcalculators.co.uk/

This one includes next year but not tried that one myself personally for accuracy.

anotherbigspender

Thanks - I'm not clear however how I account for the BIK I am currently subject to and would be free from if I opted out, or is this accounted for in the different tax codes?

MrRedundant

I'd expect your tax code has been amended for the company car.
The standard tax code is 647L so barring anything else unusual he would take this when he opted out of the company car.

anotherbigspender

Thanks - sorted now.

Its peanuts!

dori2o

MrRedundant wrote: »

I'd expect your tax code has been amended for the company car.
The standard tax code is 647L so barring anything else unusual he would take this when he opted out of the company car.

Don't forget that there will be some car benefit for this tax year as the code needs to take into account the period of time that the car has been available for use in 2010/2011.

MrRedundant

Yes granted but I think the OP wants to know the difference between the two rather than the impact this year so they can decide whether to take it.