Company car allowance with fuel benefit

Ce1979

Hi all,

Hoping for some help.

I currently have a company car, 1 Series BMW. I am due a new one but nothing on the list really takes my fancy.

Ideally I'd like a 3 series and with a car allowance (£400 per month for coming out of car scheme) I could feasibly get one. I am aware all costs/insurance are my responsibility.

I am struggling on the calculations though and the finance guys aren't much help.

My business mileage would be 10,000 with private mileage 7500. The additional car allowance puts me into the higher rate bracket.

I currently get full fuel benefit paid for but realise coming out complicates matters. Any advice on the calculations or experiences that could help?

Many thanks in advance
C

loskie

do you have to opt out of the company car scheme? If not stick with it

bod1467

loskie wrote: »

do you have to opt out of the company car scheme? If not stick with it

Ce1979 wrote: »

I am due a new one but nothing on the list really takes my fancy.

Erm.................

comeandgo

Is the £400 the amount you are left with after the tax and NI have been deducted? How will your business miles fuel be paid if you take cash option?

loskie

bod1467 wrote: »

Erm.................

I saw that bit but financially it is often better to compromise.