calculation help please

unethical

Hi,

I have recently had a job interview which I'm hoping to be offered the position. My query is regarding a salary comparison.

I'm hoping that if I am offered the post I will receive a counter offer from my current employer. The issue is I wouldn't know which offer was best.

My current role includes a company car, whilst I get taxed more because of this I don't know how much extra it costs me. Then I don't know how much it would cost me per year if i had to purchase and maintain my own car. The new job doesn't include a company car but would incur £900 per year in train fares.

Any guidance on how much a car costs on average over a year and what the extra tax costs are per year would be really helpful please.

Thanks x

lincroft1710

This is a virtually impossible question to answer.

For example :

New or used car? What cost? How will it be financed? What make/model, type and size? Petrol or diesel? Estimated annual mileage? If used how old and how many miles has it done? How much insurance no claims discount, your age and location for insurance costs?

fiona242

You will need to provide more information to be able to work that out.
First, use the HMRC valuation tool (http://cccfcalculator.hmrc.gov.uk/CCF0.aspx) to work out the taxable benefit of your company car.

An estimate of the "tax cost" of the car will be this figure x your marginal tax rate (i.e. 20%, 40%, 45% etc)