Help needed on Company Car please!

Tosh3987

Good morning, newbie here!

I have been approached by my boss who has offered me the option of a company car. However I don't know how this will effect me cash/tax wise as I cant afford to lose anything out of my monthly pay at all.

I earn £30540 a year, £24432 after tax so bring home £2036 plus any fuel expenses which currently I pay and the company give me 37p per mile.

Can anyone tell me what sort of hit I would take per month if I were to get a Ford Mondeo/Vauxhall Insignia sort of car?

Any advice appreciated
Thanks

OddballJamie

This should help
http://www.parkers.co.uk/company-cars/tax-calculator/

Tosh3987

Thanks a lot, that was perfect and much better than the HRMC one which was a tad confusing

Appreciate your help

bigjl

Consider cars with low emissions as you will pay a lot less out of your wages.

I have only looked into this a little bit as our business is a while yet from getting the wife a company car, but i was hoping to keeo the g/km below 100.

Though i think all the mid range cars like Mondeo or Insignia come with an eco version or some sort

This may be a strange comment. But consider getting a vehicle made in the UK.

There are more than you may think.

Nissan Leaf, Qashqai. Toyota Auris. Honda Civi or CR-V. Vauxhall Astra. Mini. Jaaaag.

Just a thought.

Personally i would go for an Auris Hybrid as you would pay minimal financial penalties for having one as a company car.

Hintza

Tosh3987 wrote: »

I cant afford to lose anything out of my monthly pay at all.

You can afford to lose a bit as you want have servicing, VED, insurance and depreciation to cover, so do your sums carefully on how much your current car really costs you.

Iceweasel

bigjl wrote: »

Consider cars with low emissions as you will pay a lot less out of your wages.

I have only looked into this a little bit as our business is a while yet from getting the wife a company car, but i was hoping to keeo the g/km below 100.

Though i think all the mid range cars like Mondeo or Insignia come with an eco version or some sort

This may be a strange comment. But consider getting a vehicle made in the UK.

There are more than you may think.

Nissan Leaf, Qashqai. Toyota Auris. Honda Civi or CR-V. Vauxhall Astra. Mini. Jaaaag.

Just a thought.

Personally i would go for an Auris Hybrid as you would pay minimal financial penalties for having one as a company car.

Why? What difference does a UK assembled/built car make?

ian103

company cars are a good perk as someone else generally picks up all the bills. the tax liability can be steep iof the wrong car is chosen. the key factor is low emissions

some hybrids are great value as a company car - toyota auris / toyota prius / lexus ct as they are below 100.

or have a look at any low emission car as they make sense as company car

oliverr

I think the new Insignia has a diesel engine which is 99 g/km of fuel.

john_white

Tosh3987 wrote: »

Good morning, newbie here!

I have been approached by my boss who has offered me the option of a company car. However I don't know how this will effect me cash/tax wise as I cant afford to lose anything out of my monthly pay at all.

I earn £30540 a year, £24432 after tax so bring home £2036 plus any fuel expenses which currently I pay and the company give me 37p per mile.

Can anyone tell me what sort of hit I would take per month if I were to get a Ford Mondeo/Vauxhall Insignia sort of car?

Any advice appreciated
Thanks

Why do you take home so much after tax? A 30k salary is approx. 23.5k assuming no pension contribution.

bigjl

john_white wrote: »

Why do you take home so much after tax? A 30k salary is approx. 23.5k assuming no pension contribution.

What does that have to do with the question about a company car?

But as it worries you so much they likely have a different tax code than you do.

Or that is the annual salary they are paid and the take home figure included the mileage allowance as mentioned in the OP

bigjl

Iceweasel wrote: »

Why? What difference does a UK assembled/built car make?

If you don't know then I am not going to explain it.