p11d cash equivalent for fuel

huwy123

hi there,

I was just going through my self assessment and was wondering if someone could explain how the "cash equivalent of fuel" on a p11d is calculated.

Looking at my p11d the "cash equivalent of fuel for each car" is listed as £3240. I thought this looks like a lot!

Going through my records I spent approx £2500 on fuel in total in that period. Of which I have an arrangement to pay 30% with the company paying the 70%

To these figures look correct? I appreciate any advice on this.

-Huw

ILW

Depends on the car.
What is it?

huwy123

bmw 318 msport

huwy123

Given that the 30% I pay is to cover my private mileage (and the 70% is for business mileage) is this a taxable benefit?

nelly12

huwy123 wrote: »

hi there,

I was just going through my self assessment and was wondering if someone could explain how the "cash equivalent of fuel" on a p11d is calculated.

Looking at my p11d the "cash equivalent of fuel for each car" is listed as £3240. I thought this looks like a lot!

Going through my records I spent approx £2500 on fuel in total in that period. Of which I have an arrangement to pay 30% with the company paying the 70%

To these figures look correct? I appreciate any advice on this.

-Huw

The value of £3240 is used to calculate your tax paid. ie either 20% of the the £3240 or 40% of the £3240. However if you are paying your employer circa £750 a year for private mileage use on your car then you should not be paying any benefit in kind for fuel. you need to check this out with HMRC as you may find you're over paying tax.

Mikeyorks

nelly12 wrote: »

you need to check this out with HMRC as you may find you're over paying tax.

As the employer has put the fuel benefit on the P11D - the employer is the first port of call?

real1314

A fuel benefit charge applies where any private fuel is supplied.
Even the fuel for a single private mile in 12 months will create a full fuel benefit charge, and it is not reduced for any "contribution towards" the private fuel.

The charge should not apply if the employee reimburses the cost of private fuel in full.

In your case, you pay a contribution it would seem, therefore the full un-reduced charge is levied. Of course, it should all depend on how many private and how many business miles you do in a year.

It's actually based on the vehicle Co2 % x £18,000 (in 2010/11, not sure if it's been changed).

:cool:

huwy123

thanks for the replies guys. I will speak to work and hmrc

tinkerbel

What is the co2 g/km of the car? Is it petrol or diesel? These will affect the % mentioned above

jasjhooty

Your fuel benefit appears to be based on your BMWs CO2 figure to be 128. If your car is a diesel that would result in an 18% of £18,000 Fuel benefit charge of £3240. You can check your vehicle at the P11D Organiser website, under the Resources section. Sorry as a new user I cannot post a URL yet!

huwy123

thanks for all the responses guys.