Company car, opt out leasing and all things brum

Parkumicarum

Hi, I've been fortunate enough to finally land a job where I will have a company car - or can opt out. My own recent purchase of a car is no good even though it is very reliable, because it's too old (over 4 years) - I took out an unsecured loan for a few £K to pay for it this summer.

I have a number of possible options:
- take the company car (on the small side) and keep my own car for family days out (reduced mileage on the insurance)
- opt out and get a car with the cash (keeping my car again)
- opt out and use my own car as a deposit on a slightly bigger car than would otherwise be possible (then use that as deposit on the next one in 3 years and so on)
- opt out and lease a car - either keeping mine or selling it to provide additional cash for the lease.

There does not appear to be a section on leasing on here, which could prove pretty useful given the complexities around taxation of such schemes!

Cheers all.

rs65

Parkumicarum wrote: »

There does not appear to be a section on leasing on here, which could prove pretty useful given the complexities around taxation of such schemes!

I'm not sure what you mean by complexities.

When you opt out, the cash provide is simply treated as income and you pay tax and NI on it as you do with any other income.

If you opt for a company car then there are plenty of calculators online that will tell you how much it will cost you by way of income tax.