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Taxes due on Company Car Cash
caveman38
Posts: 1,322 Forumite
in Cutting tax
If I forgo my company car and take a cash equivalent. What liabilities will I have to the IR.
I appreciate that the extra say, £5,000 in my salary will be liable to 20/40% income tax, but will it also be liable to NIC of any rate
I appreciate that the extra say, £5,000 in my salary will be liable to 20/40% income tax, but will it also be liable to NIC of any rate
0
Comments
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It would count as salary so you would pay tax and NI and student loan just as if it were a salary increase0
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It will also have an effect on some benefits. One of my employees lost his entitlement to some benefits as his salary increased so went back to company car.0
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