Company car tax

Darksparkle

sunrise27 wrote: »

Now you've lost me lol I know it's 129 CO2 emissions will find out the list price then I may get back to you �� If I can't work it out

The car benefit on a 129 diesel will be 25% of the list price from April. The car benefit is then added to taxable income to determine how much tax to pay.

Does he get fuel benefit too? That would be a benefit of £5550 from April.

sunrise27_2

List price is £33400 , so does this mean the amount of tax he will be paying will rise dramatically for the next few years ?

sunrise27_2

Fuel benefit ? On his new tax coding notice the car benefit amount is £8361 does that sound right ?

sillygoose

sunrise27 wrote: »

Fuel benefit ? On his new tax coding notice the car benefit amount is £8361 does that sound right ?

Op already says he pays private fuel so I hope not!

sunrise27_2

Yes he pays his own fuel for private use and gets 7p a mile back ( or in that region ) for work petrol , does that figure of £8361 sound right to you ?

Darksparkle

sunrise27 wrote: »

Fuel benefit ? On his new tax coding notice the car benefit amount is £8361 does that sound right ?

Ever so slight out from what I'd calculate, 25% of £33,400 = £8350

Darksparkle

sillygoose wrote: »

Op already says he pays private fuel so I hope not!

Sorry missed that (even after reading it twice! :rotfl:)

sillygoose

sunrise27 wrote: »

Fuel benefit ? On his new tax coding notice the car benefit amount is £8361 does that sound right ?

Yep, about right, so if he is a 20% tax payer only it will cost you £1672 a year, at 40% £3344

So now you know how to work out future tax years costs...:)

My advice is always make maximum use of the company car for private use, put the wear and tear on that rather than your own, your paying quite a lot for the private use of it.

sillygoose

Darksparkle wrote: »

Ever so slight out from what I'd calculate, 25% of £33,400 = £8350

Probably some options added bumped up the BIK a shade

sunrise27_2

Thank you so much for your help although I was hoping the tax code was wrong lol I think I will be choosing the next company car ha ha ha