New Tax Code/Company Car - advice please

gingerjimlover

Hi All.

I have received my tax code for 2012/2013 and I need someone to tell me in plain english what I am to pay having a company car as I have never had one before and am a little confused as to how much a year I am paying for this benefit.

To start I received the car in December having been told:
P11d value £22,095.01 CO2 119 and that the benefit in kind tax would be £47.89 per month and that I would be given a fuel card. Private milage is to be paid back at 15p per mile (no mention of any other form of tax).

So to me on top of my 'normal' tax I would be paying £47.89 per month totalling c.£575 per year plus any personal mileage.

My new tax code has come in and states:-
Personal Allowance £8105
Car Benefit -£3756
Underpayment Restriction -£806 (underpayment of £161.20)
Total Tax Free £3543

My wages are £30k per annum.

Can some one please just give me the low down of what I am likely to be paying out per month tax wise and what my company car element would be.

I know in some other tax code queries someone commented that this should be part of education and I agree as tax is something everyone is going to pay and possibly get confused by.

I hope my post makes sense and that you lovely peeps can guide me

Many thanks

CLAPTON

for 2012-13 you would normally get a tax free allowance of 8105
the combination of your benefit in kind (car) of 3756 and unpayment presumably from this tax year? of 806 means you only get 3,543 tax free

so you are paying extra tax of 20% of (8105 - 3543 ) = 20% of 4,562 i.e. £912.40 extra in tax
(or 751 for the car for 2012-3 only excluding the tax owing)

Caz3121

there is a calculator here, CLAPTON is spot on, comes out at £751.20 so £62.60 per month
http://cccfcalculator.hmrc.gov.uk/CCF2.aspx

Your £47.89 per month is correct for the 2011-2012 tax year and then it increases

gingerjimlover

Ah it all makes more sense now! Thanks

I'm guessing my underpayment is from having a car allowance for a few weeks then company car before the tax code change.