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How does tax code change when you no longer have a company car?
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Kina7246
Posts: 7 Forumite
in Cutting tax
Just trying to understand how paying tax works.
Scenario - figures rounded up to make it easy and ignoring personal allowance.
If figures for car and fuel allowance is -£6,000 and then 6 months into the year you hand in the car, does your car and fuel allowance figure change to -£3,000 or does it change to £0 because you paid for the car at the higher rate whilst you actually had it?
Scenario - figures rounded up to make it easy and ignoring personal allowance.
If figures for car and fuel allowance is -£6,000 and then 6 months into the year you hand in the car, does your car and fuel allowance figure change to -£3,000 or does it change to £0 because you paid for the car at the higher rate whilst you actually had it?
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Comments
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Just trying to understand how paying tax works.
Scenario - figures rounded up to make it easy and ignoring personal allowance.
If figures for car and fuel allowance is -£6,000 and then 6 months into the year you hand in the car, does your car and fuel allowance figure change to -£3,000 or does it change to £0 because you paid for the car at the higher rate whilst you actually had it?[SIZE=-1]To equate judgement and wisdom with occupation is at best . . . insulting.
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