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Can I opt out now?
Twiddy
Posts: 148 Forumite
in Cutting tax
I hope I've come to the right place to ask this question, apologies if I haven't. Please move me along to the right place if needs be.
I opted into our company car scheme in Sept 2010 and am still on the scheme thus far. There is no real policy in place that states the scheme will last X years. The word on the street is that it's "5-ish years or until your car is no longer worth keeping". My question is, have I got to wait until the company advises me that I can change my car before opting out and taking the cash allowance that is on offer?
Am I able to opt out now in favour of the cash allowance? Is it just a case of approaching the company with this question or is it a complete no no? What implications does this have apart from the obvious changes in pay/tax which I am already aware of?
Apologies for the 20 questions but you probably get the jist of what I'm asking!!
Appreciate your advice.
Many Thanks
T
:beer:
I opted into our company car scheme in Sept 2010 and am still on the scheme thus far. There is no real policy in place that states the scheme will last X years. The word on the street is that it's "5-ish years or until your car is no longer worth keeping". My question is, have I got to wait until the company advises me that I can change my car before opting out and taking the cash allowance that is on offer?
Am I able to opt out now in favour of the cash allowance? Is it just a case of approaching the company with this question or is it a complete no no? What implications does this have apart from the obvious changes in pay/tax which I am already aware of?
Apologies for the 20 questions but you probably get the jist of what I'm asking!!
Appreciate your advice.
Many Thanks
T
:beer:
Current Mortgage: £113,829
Standard MF Date: May 2030
MFW Target Date: Jun 2023
On Target to complete: Feb 2027
Standard MF Date: May 2030
MFW Target Date: Jun 2023
On Target to complete: Feb 2027
0
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