P11D Cash Equivalent on Self Assessment after leaving employment

jodey.grist

Hi,

I have the cash equivalent amounts on my P11D for a company car I had in a job I had for 3 months during 2012. The amounts stated say for all cars made available during 2012 to 2013.

When entering this on my recently submitted tax return I put that amount in, and because of this it's now saying I owe more tax - on the assumption that this benefit was available for the entire tax year.

Being as this benefit was only available for the first 3 months. Should I divide this amount by 4 (quarter of the year) and submit it that way?

Thanks

zygurat789

jodey.grist wrote: »

Hi,

I have the cash equivalent amounts on my P11D for a company car I had in a job I had for 3 months during 2012. The amounts stated say for all cars made available during 2012 to 2013.

When entering this on my recently submitted tax return I put that amount in, and because of this it's now saying I owe more tax - on the assumption that this benefit was available for the entire tax year.

Being as this benefit was only available for the first 3 months. Should I divide this amount by 4 (quarter of the year) and submit it that way?

Thanks

And the amounts involved are?............

jodey.grist

£1217 for the car, and £1422 for the fuel card.

gt94sss2

Not an accountant but you should use the figures as stated in the P11D in your return. These should already account for the fact that you didn't have the car for the full tax year.

I believe you can check the calculation using http://www.hmrc.gov.uk/helpsheets/hs203.pdf

Edit: if the system then tries to charge you tax on account for next tax year on the assumption you still have a company car, and you don't have one.. you can let them know that.

Regards
Sunil

zygurat789

jodey.grist wrote: »

£1217 for the car, and £1422 for the fuel card.

All the figures please car value CO2 emissions etc

jodey.grist

Hi,

Ok I had 2 cars during this period, so here's the figures for each on the P11d:

Car 1:

Make - VW Polo
Date Registered - 05/05/09
CO2 - 99 g/km
Engine size - 1422cc
Type of fuel - D
Dates car available - 6/4/12 to 15/6/12
Value - £15265
Cash equivalent - £416
Cash equivalent fuel card - £550

Car 2:
Make - Renault Megane
Date Registered - 24/06/11
CO2 - 106 g/km
Engine size - 1461 cc
Type of fuel - D
Dates car available - 15/6/12 to 28/9/12
Value - £18565
Cash equivalent - £801
Cash equivalent of fuel card - £872


Total cash equivalent - £1217
Total fuel card cash equivalent - £1422


Thanks for all the replies so far!

zygurat789

jodey.grist wrote: »

Hi,

Ok I had 2 cars during this period, so here's the figures for each on the P11d:

Car 1:

Make - VW Polo
Date Registered - 05/05/09
CO2 - 99 g/km
Engine size - 1422cc
Type of fuel - D
Dates car available - 6/4/12 to 15/6/12
Value - £15265
Cash equivalent - £416
Cash equivalent fuel card - £550

Car 2:
Make - Renault Megane
Date Registered - 24/06/11
CO2 - 106 g/km
Engine size - 1461 cc
Type of fuel - D
Dates car available - 15/6/12 to 28/9/12
Value - £18565
Cash equivalent - £801
Cash equivalent of fuel card - £872


Total cash equivalent - £1217
Total fuel card cash equivalent - £1422


Thanks for all the replies so far!

These BiK values are for the period 6 April 2012 to 28 September 2012 which is six months, not the 3 you said in your OP.
If you only had the car for 3 months to June 2012 you should have approach the company a long time ago.
Contact the company now to see uif they will amend.
When did you actually leave and when did you return the car?

jodey.grist

Yep just realised that, I guessed on the time period to be honest until I just looked at it properly, I handed the car back on that last date, the 28th of September 2012 as that is when I left.

I think as well, it's only become apparent now I've filled out the tax return, I have no idea what the figures should or shouldn't be on the P11d. So I wouldn't have known to contact them.