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Company fuel card tax?
Hi,
Wasn't sure where to put this, so forgive me if it's in the wrong section!
My boss has decided to give me a fuel card to help with my traveling expenses to work, but he's away now for a week and I'd like to know how much tax etc it will cost??
It's my own private car, I do approx 64 miles a day to work & back & it's a diesel.
I take home £1730 a month.
It's a smart CDi, and only costs around £26 in diesel a week, so if the tax is too much then it's going to be of no benefit lol
Any ideas?
Cheers
Wasn't sure where to put this, so forgive me if it's in the wrong section!
My boss has decided to give me a fuel card to help with my traveling expenses to work, but he's away now for a week and I'd like to know how much tax etc it will cost??
It's my own private car, I do approx 64 miles a day to work & back & it's a diesel.
I take home £1730 a month.
It's a smart CDi, and only costs around £26 in diesel a week, so if the tax is too much then it's going to be of no benefit lol
Any ideas?
Cheers
0
Comments
-
I have a fuel card from work for private and business use in my own car.
You pay tax at your standard rate (20% if you earn under 40 odd grand) on the fuel you have used for private use. For example, if you use £2500 of fuel on the fuel card every year and £1000 of that is on business miles (going to and from your usual place of work doesn't count as business miles), you would pay tax on the £1500 of private use fuel, so that would be £300 tax.
So you are getting £1500 of private fuel for £300 - not a bad deal if you ask me.0 -
Cheers Rob!
I'm getting a fiesta van in a couple of months, available for private use again with the card, so that will all change again lol
The van is purely for me to commute in. (im allowed to use it at weekends, but like my smart, I probably wont as only 2 seats)
My boss says i'll be "quids in" with the van, but need to speak with him & accountant when he's back to get proper figures.0 -
Unless your boss has badly screwed up the deal, the benefit is not going to be anything approaching 100% the fuel costs, so you will gain out of this!0
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