Change of Tax Code - Benefits in Kind - Advice

Albert_32

Hi Moneysavers,

I have recently changed job and moved from a tax code of K233 to 71T.

Can anyone advise me off what the fiancial benefit would be:-

Old Job - Benefits in Kind

1) I am in the higher payer tax band
2) List price off the old car was £23,462
3) Car fuel benefit on the P11d = £2,592

New Job

1) I am in the higher payer tax band
2) List price off the new car is £19,991
3) No car fuel benefit (Business claim's private miles off expenses)


Appreciate your advice.

Thanks,

Albert

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CLAPTON

a tax change from k233 to 71T means an addition tax allowance of 3040 so on the same salary basis you will pay 40% of 3040 less tax i.e. a saving of 1,216.. is that the question?

Albert_32

a tax change from k233 to 71T means an addition tax allowance of 3040 so on the same salary basis you will pay 40% of 3040 less tax i.e. a saving of 1,216.. is that the question?
Today 1:56 PM


Hi Clapton,

Based on you information, hopefully I am up £101.33p due to the changes in my benefits in kind.

I wasn't sure how the 71T was calculated - but £101.33p in my pocket than the taxman is a good thing.

Appreciate your help.

Cheers,

Albert

CLAPTON

71T is based on the car benefit which is based on the list price and the co2 emissions ..you can look in up on the web if you google your car