Help understanding how car tax is paid

oliwatts

nomunnofun wrote: »

A reduction of 103 points, equivalent to a car benefit of 1030 - that sounds very low!

Secondly, is there a Week 1 or Month1 after the code 707L? If not you will pay an extra £206 tax in March, assuming you are a basic rate taxpayer.

Nope, just the number. I'm a higher rate bod.

CLAPTON

oliwatts wrote: »

Thanks. I started on 7/1 which I guess is why it's so low?

the 103 reduction is tax code over just 3 months is equivalent to 400 over the full year so equivalent to 4000 car benefit

would that be reasonable for your car?

oliwatts

CLAPTON wrote: »

the 103 reduction is tax code over just 3 months is equivalent to 400 over the full year so equivalent to 4000 car benefit

would that be reasonable for your car?

That sounds about right I think...

Geforce

Hi Oli,

Use my calculator I made here:

https://forums.moneysavingexpert.com/discussion/4429289

The calc doesn't work out your tax code, but will give you an exact indication (assuming you know your P11D value, BIK and extra's of your specific car) of how much you should be forking out and whether or not your tax code is right. I'm thinking about adding the feature in at a later date.

..You could also use it to compare your next car against your current one ... and the figures in the calculator are exact by the way!

oliwatts

That is acebags, thank you!

Only issue is, the sheet is marked as 'protected' - I can't edit anything on my Mac...

Geforce

oliwatts wrote: »

That is acebags, thank you!

Only issue is, the sheet is marked as 'protected' - I can't edit anything on my Mac...

Oh, really?

I've obviously not tested it on a mac, but the grey boxes are drop downs and the green boxes you can type in. Meh.

I'll have to figure a workaround for you :mad:

oliwatts

Managed to find a workaround - opening it in 'Numbers' on the Mac is working swimmingly. Cheers

Geforce

oliwatts wrote: »

Managed to find a workaround - opening it in 'Numbers' on the Mac is working swimmingly. Cheers

Ah hhaaaaaaaa!!
Excellent.

With not having a MAC to hand, I was wondering how I was going to troubleshoot it.

Would you be so kind to post in my thread to bump my topic, if you found it useful of course :D:D

Thanks :money: